Despite venturing below $79, high yield corporate debt (HYG ETF) has recovered back almost all the way to $79.20. While that may seem chump change, it points to unwillingness to decline when faced with really bad economic data. The signs of improvement in investment grade corporate bonds (LQD ETF) are less than meaningful, but it's the HYG ETF to listen to mainly.

Also, the oil inventories build-up turned out to be smaller than anticipated, and it'll likely drive stocks higher over the coming hours.

As a result, closing the short positions and simultaneously opening long ones, is justified. All details below.

Trading position (short-term; our opinion): long positions (100% position size) at market (that's 2868 currently) with stop-loss at 2840 and initial take-profit target at 2935. Stay tuned as finetuning the open positions is likely ahead.

Thank you.

Monica Kingsley

Stock Trading Strategist

Sunshine Profits - Effective Investments through Diligence and Care