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Trading Plan for April 21, 2011

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April 21, 2011 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): DISCK (36.25), RAX (41.77), AAPL May 350 Calls, ATML (13.88)

Current Short Positions (stop-losses in parentheses): None

BIAS: 40% Long

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Philadelphia Fed Survey (10am), FHFA House Price Index (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

Futures are up moderately ahead of the open.

Asian markets saw gains average about 0.8%, and Europe is currently trading between 0.2% and 0.7% higher.

Strong earnings report out of AAPL and GE is helping to propel this market higher today.

S&P is poised to open up just a shade below the 1340 level. A good jobless claims # could push it over that mark.

Close above 1340 and the much talked about double-top being formed is done and over with, and we'll be seeing new highs in the short-term.

After 1340, minor resistance at recent highs of 1344, and major resistance at 1430. Between those two marks there is no other price resistance.

Volume was slightly less than the selling we saw on Monday, but much improved over what we saw the day prior.

You could make the conclusion, that the downgrade by the S&P on Monday, ultimately led to the sell-off in the dollar, and is helping the markets today (along with the tech earnings of course).

Markets closed tomorrow for Good Friday. Enjoy the 3-day weekend.

My conclusion: The health of the market resides with S&P 1340. Break it, and we're moving higher.

Here Are The Actions I Will Be Taking:

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