QUICK THOUGHTS
Looking at futures tonight wading through a rather bidless environment. Down some 66 points on Dow Futures 10pm PST. Any weakness witnessed tomorrow needs to be reversed by late day. I am willing to give the market until Wednesday, at the absolute latest, to begin showing its horns.
My primary concern with respect to further weakness is in the S&P 500 and its decreasing proximity to its generational trajectory. It will act as an attraction point the closer the market gets, until it simply can't resist. I went over this concern in the weekly chart review on Sunday. That trajectory has a price target of 1320. Again, the market has until Wednesday to get its act together. Weakness past Wednesday deserves some very serious questions going forward. Clock is ticking.
The past 30 days may be the least amount of activity I have had in a 30 day period since as far back as I can remember. I have had one small addition to an existing long position. Other than that, I have been doing absolutely nothing, other than sitting on a market neutral portfolio. I remain hedged via TZA, holding a substantial amount of cash and several small-cap long positions. In other words, nothing has changed since I posted my last portfolio update way back on October 10th.
Tomorrow should be far more interesting than today was. I'll have more in the morning, if necessary.
