Trading Plan for August 12, 2010
Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), ENZN (10.15), QQQQ (44.79), TICC (8.42)
Current Short Positions (stop-losses in parentheses): SPY (Hedge)
BIAS: 3% Long
Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Import and Export Prices (8:30am), EIA Natural Gas Report (10:30am)
My Observations and What to Expect:
Futures slightly negative
Since the early evening sell-off yesterday, futures have been working its way back to positive territory.
Jobless Claims out at 8:30am will add additional volatility to the markets.
Breaking thru 1130 mark no longer in focus. Now it is whether the bulls can hold 1080 on the S&P. Level has already been breached in futures trading.
Small gap to fade currently. Jobs # could change that.
Bulls could really show some muscle today if they pulled off a big rally in response to yesterday's sell-off.
July trend-line is broken, but no new lower-low created. However, we move one point lower, and that will be broken as well today.
Actions I Will Be Taking: