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Taxes And Trading Go Together

By Ryan MalloryStock MarketsApr 15, 2014 06:04AM ET

www.investing.com/analysis/boc-canada/softs-arabica-flirts-with-34-year-high,-us-cocoa-bounces-209692

By Ryan Mallory | Apr 15, 2014 06:04AM ET

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Pre-market update:

Asian markets traded 0.1% lower.
European markets are trading 0.2% lower.
US futures are trading 0.1% lower ahead of the market open.

Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Consumer Price Index (8:30), Empire State Manufacturing Survey (8:30), Janet Yellen Speaks (8:45), Redbook (8:55), Treasury International Capital (9), Housing Market Index (10)

Technical Outlook (S&P 500):

Respectable bounce yesterday, but it keeps us between resistance (1839) and support (1814).
Yesterday's intraday action on SPX indicates that the bears are attempting to short the rips.
30 minute SPX chart shows a possible double bottom in place.
Tax Day traditional is a bullish day for the markets. Only 6 times since 1981 has been bearish (last year was bearish).
Two key resistance levels need to be broken to restore confidence in trading to the long side: 1839 and then the seemingly impossible 1873.
If SPX's Friday lows are broken expect 1790 of the rising trend-line off of the August lows to be tested.
Volume continues to come in strong on each sell-off.
The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up.

My Opinions & Trades:

Added one additional short position yesterday.
Did not close out any positions yesterday.
Will look to add 1-2 new positions today.
Remain short MTW at 30.66, DOW at 48.30, KORS at 88.32.
Short 40% / 60% Cash.

Chart for SPX:

S&P 500

Original post

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US 30	39,466.2	+78.4	+0.20%
US 500	5,214.3	+0.2	+0.00%
Dow Jones	39,463.96	+76.20	+0.19%
S&P 500	5,214.06	-0.02	0.00%
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U.S. 30Y	4.649	+0.048	+1.05%
U.S. 5Y	4.516	+0.056	+1.26%
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US 10Y T-Note	108.70	-0.39	-0.36%
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Tesla	168.63	-3.34	-1.94%
Amazon.com	187.49	-2.01	-1.06%
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Bank of America	38.38	+0.10	+0.25%

	Interest Rates	Next Meeting
FED	5.50%	Jun 12, 2024
ECB	4.50%	Jun 06, 2024
BOE	5.25%	Jun 20, 2024
SNB	1.50%	Jun 20, 2024
RBA	4.35%	Jun 18, 2024
BOC	5.00%	Jun 05, 2024
RBNZ	5.50%	May 22, 2024
BOJ	0.10%	Apr 26, 2024
CBR	16.00%	Jun 07, 2024
RBI	6.50%	Jun 07, 2024
PBOC	3.45%
BCB	10.50%	Jun 19, 2024

Taxes And Trading Go Together

Technical Outlook (S&P 500):

Chart for SPX:

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