Trading Plan August 11, 2011
Current Long Positions (stop-losses in parentheses): QCOM Oct 60 Calls, AAPL Sept 420 Calls, Sept 124 Calls
Current Short Positions (stop-losses in parentheses): None
BIAS: 8% Long
Economic Reports Due Out (Times are EST): International Trade (8:30am), Jobless Claims (8:30am), Bloomberg Consumer Comfort Index (9:45am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
Futures are down over 1% heading into the open.
Asian markets were down about -0.8%, and Europe is trading down between -0.4% and -2.4%.
Futures reverse its strong overnight gains, on worsening news in France, and Asian banks cutting credit lines to French banks.
1120 has acted as support over the last 3 days, and looks to be broken at the open.
A break today of 1100 on the S&P will likely send us down toward 1040.
This is one of those markets that you really can't do anything with it. Just wait for the dust to settle.
My Conclusion: This market is very dangerous, and unpredictable, best advice is from me would be to let the storms die down, and simply wait it out.
Here Are The Actions I'm Taking: