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Trading Plan for August 13, 2010

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August 13, 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: 6% Short

Economic Reports Due Out (Times are EST): Consumer Price Index (8:30am), Retail Sales (8:30am), Consumer Sentiment (9:55am), Business Inventories (10am)

My Observations and What to Expect:

Futures slightly negative

Lots of reports coming out this morning affecting the market.

Not sure whether the morning gap is fade-able until the CPI and Retail Sales reports are released.

Price is now below 50 and 200 day moving average on the S&P. Very Bearish.

A new, more significant down trend-line is forming with April highs and Monday's highs.

Same note, the bottom channel parallel to the previous mentioned trend-line is made by connecting the previous two lower-lows. (I'll post on this later today).

Market has an innate ability to make traders feel like a puppet, with the major swings we keep seeing in both directions.

Market quickly heading into oversold territory. Volume from past few days have been higher than it has the previous week but still weak though overall.

Actions I Will Be Taking:

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