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Trading Plan for August 12, 2010

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August 12, 2010 – Comments (0)

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:

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