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Trading Plan for April 25, 2011

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April 25, 2011 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): DISCK (36.25), RAX (43.46)

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

BIAS: 20% Long

Economic Reports Due Out (Times are EST): New Home Sales (10am)

My Observations and What to Expect:

Futures are up slightly heading into the open.

Asian markets were mixed seeing returns range from -1.5% to 1%. European markets were slightly higher.

1340 looks to be tested early this morning, with an opening price just below the critical level.

My expectations as it approaches that level, is that it will continue to struggle with 1340, but ultimately break it. In essence, I don't expect that we'll just blow right through it.

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.

Keep in mind that the Fed is meeting this week, and even holding a lunch-time press conference - which is new.

Volume was light last week, but mainly due to the holiday week. Wouldn't place a lot of concern on it.

Silver is parabolic, and is looking extremely dangerous for going long in at this point. If you have a long position in this commodity, be more concerned about locking in profits at this point.

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

My conclusion: The bounce off of last Monday's lows looks very healthy (though filled with gaps), and once it can break through 1340, should see a nice move higher.

Here Are The Actions I Will Be Taking:

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