The 2 Most Important Numbers for Traders

Current Long Positions (stop losses in parentheses): TICC ($10.28), RAH
($60.75), EQY ($16.75), PH ($78.95), BAC ($11.02) Current Short Positions (stop
losses in parentheses): DTV ($42.55), EQR ($51.15), VPRT ($42.37), TIE ($17.84),
ITT ($48.01) GLAD ($11.54), FCN ($36.74) Bias: 18% Short Economic Reports Due
Out (times are EST): ICSC-Goldman Store Sales (7:45 a.m.), Redbook (8:55 a.m.),
S&P Case-Shiller HPI (9 a.m.), Consumer Confidence (10 a.m.), State Street
Investor Confidence Index (10 a.m.), Farm Prices (3 p.m.) My Observations and
What to Expect * Futures are down slightly. * Asian markets finished the day
down, with the Nikkei off 1.9%. European markets are mixed. * Despite the U.S.
market finishing down yesterday, the market showed a lot of intraday strength
rallying off of the 1,173 price level on the S&P 500. * Even with recent market
weakness, dip buying is not dead as of yet, though the last three hammer candles
have been met with a significant sell-off the following market session. * A
bearish descending triangle is forming on the S&P, signaling that a break to the
downside could be imminent. * The S&P continues to find support from the October
consolidation range. * We dipped below the 50-day moving average, but quickly
rebounded to finish well above it. * The only price level the bears need to
concern themselves with is 1,173. If we close below it, the upward trendline
from the August lows is dead. * The bulls should aim for 1,200 and close above
it, which would also represent the 20-day moving average. Actions I Will Be
Taking * Will add two new positions to the portfolio (one long, one short). *
Stop losses remain as is. * Added Bank of America Corporation (NYSE: BAC )
(long) and FTI Consulting, Inc. (NYSE: FCN ) (short) to the portfolio yesterday,
near the close. * Stopped out of Harris Corporation (NYSE: HRS ) with a small
loss and Mentor Graphics Corporation (NASDAQ: MENT ) slightly above breakeven.
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