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Wild Market Remains in Trading Range

Despite big price swings, market consolidating in narrow range


Current Long Positions (stop losses in parentheses): TICC ($10.28), HRS ($45.34), RAH ($60.75), MENT ($11.08), EQY ($16.75), PH ($78.95)

Current Short Positions (stop losses in parentheses): ADBE ($28.55), DTV ($42.55), EQR ($51.15), VPRT ($42.37), TIE ($17.84), ITT ($48.01) GLAD ($11.54)

Bias: Neutral

Economic Reports Due Out (times are EST): None

My Observations and What to Expect

* Futures are mixed and well off their overnight highs, which saw the S&P 500 up close to 1% at one point.

* Asian markets closed with a decent amount of gains, while European markets are showing significant losses on the day.

* Friday’s market action put in a bearish Harami candle pattern.

* Despite the wild price swings of late, the market continues to consolidate within a narrowing range.

* S&P 500 remains within the October consolidation range.

* Friday’s sell-off represents another failed attempt by the bulls to rally the market beyond 1,200.

* The 50-day moving average is very much in play now for the bears.

* Even more important than the 50-day moving average is the 1,173 level on the S&P, as a break of it would signal a lower low in the markets, thereby killing the upward trendline coming off the August lows.

* The bulls must continue to focus its efforts on breaking the 1,200 point price level.

Actions I Will Be Taking

* At some point today, I will add two new positions to the portfolio (one long, one short).

* Should see some stop losses get tightened.

* Follow me in the SharePlanner Chat-Room today for all my live trades, including my day trades.

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