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Trading Plan for April 7, 2011

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April 07, 2011 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): AAPL (334.75)

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

BIAS: 10% Long

Economic Reports Due Out (Times are EST):Jobless Claims (8:30am), EIA natural Gas Report (10:30am), Consumer Credit (3pm)

My Observations and What to Expect:

Futures are moderately higher going into the open.

Asian and European markets were mixed. 

While the S&P managed to close above the 1332 finally, thereby ending the, albeit short in tenure, market downtrend, with a new higher-high.

For four straight days we have been trading within tight consolidation forming doji candles on 3 of them. 

Watch for a close below 1328, to determine whether this market may see additional selling in the short-term.

A break of 1328, could lead to, at the very least, a mild pullback. 

The S&P continues to find strength with the 10-day moving average - trading above it now for 12 straight days. 

Volume has seen a slight increase over the last two days. 

Overbought conditions in the short-term are being alleviated to a degree. 

Weekly charts show the market looking very healthy. 

Next level of resistance is 1344 on the S&P.

My conclusion: Recent consolidation might be the profit taking we're looking for. The odds are very favorable we see a rip higher in the short-term. 

Here Are The Actions I Will Be Taking:


 

 

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