Editor's Note: Good evening. I wasn't able to write specific updates this afternoon so I have provided comments below on our positions. The recent bounce in the market is certainly testing our will in some of our short positions. However, there should be enough overhead resistance to keep bounces under control if it continues. The SPX sits at 1,070 which is the 50% retracement from the June 21 highs. The 20-day SMA is also just overhead at 1,076 and then the 61.8% retracement at 1,085. And last but not least, the primary downtrend line from the April highs runs right through the aforementioned levels. If the SPX stops at any of these levels it should make a lower high and proceed to at least retest last week's lows. Of course the wildcard is earnings season beginning next weak which could change everything. I expect trading to be very choppy as earnings season gets underway next week so I am trying to keep realistic profit targets and book quick gains. Please email me with any questions.

Position Comments:
Long DBA - The stock hit our first target of $24.60 today and closed at $24.62. We currently have a +3% gain. Our final target is $24.95 which is just below the 200-day SMA. I suggest we move up our stop to $24.35 which is just below today's low. Let's see if we can get a little more out of this position.

Short INFA - I am concerned about this position, however, INFA closed right on its 20-day and 50-day SMA's so this is a logical place for a reversal. I suggest we be patient and see how the week ends.

Short LULU - We were almost triggered this morning and are waiting patiently.

Short QQQQ - We were triggered at our entry of $44.30. The stock closed at $44.20.

Short SBUX - We were triggered at our entry of $24.75. SBUX closed at $24.84.

Current Portfolio: