Current Long Positions (stop losses in parentheses): TICC ($10.28), HRS ($45.34), CEL ($34.17), RAH ($60.75)
Current Short Positions (stop losses in parentheses): ADBE ($30.10), DTV ($43.30), EQR ($51.15), VPRT ($42.37)
Bias: 2% short
Economic Reports Due Out (times are EST): ICSC-Goldman Store Sales (7:45 a.m.), GDP (8:30 a.m.), Corporate Profits (8:30 a.m.), Redbook (8:55 a.m.), Existing Home Sales (10 a.m.), FOMC Minutes (2 p.m.)
My Observations and What to Expect
* Futures are down in excess of 1% heading into the open.
* Asian markets down more than 2%, and European markets down over 1%.
* Today is shaping up to be another rejection at S&P 500 1,200 after yesterday’s late-day rally up near the price level.
* The bulls managed to bounce off of the existing trendline (albeit a flatter one), and once again closed back below the 20-day moving average.
* Bullish flag forming on the charts, which could be indicative of a potential move higher in the near future.
* The conflict between North and South Korea is adding to the losses we are seeing this morning.
* This is what it boils down to: A break below 1,189 on the S&P will be a strong indication we are putting in a lower high, which isn’t a total game changer. However, a break of 1,173 (also the same price of the 50-day moving average) over the coming days is, as it would establish a new downtrend with a lower low in place.
* For the bulls, the 1,200 price level and a breakout of this flag pattern will change the sentiment of this market.
* Expect lower volume as the week progresses due to the Thanksgiving holiday.
Actions I Will Be Taking
* Will look to add two new positions to the portfolio today (a long and short position).
* Tightened my stop loss in Cellcom Israel Ltd. (NYSE: CEL) to breakeven at $34.17.
* Follow me in the SharePlanner Chat-Room today for all my live trades, including my day trades.
The SharePlanner Swing-Trading System is a proven trading strategy that has outpaced all the major indices with an 8-year return of over 1,010%. This year alone it is up 29%, with 64% of the stock picks being winners. It’s an easy trading system that requires very little effort after you buy the stock and great for those who can’t watch the market all the time! Find out more by visiting SharePlanner.com