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Trading Plan for August 19, 2010

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August 19, 2010 – Comments (0)

Current Long Positions (stop-losses in parentheses): TICC (8.51)

Current Short Positions (stop-losses in parentheses): SPY (113.30), DGX (50.09), FCN (36.75), URBN (34.91), OMI (29.31)

BIAS: 42% Short

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Leading Indicators (10am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

Futures up moderately

After 4pm yesterday S&P futures dropped 5 points so expect the indices to be lower than what futures are indicating.

A lot of the major reports we have seen of late, initially see wild swings in price in both directions, but ultimately the price action settled back at "pre-report" levels.

Watch for whether the bulls can break 1,100 on the S&P and close above it. So far they are 0 for 2.

Next hurdle is 200-day moving average at 1,116.

Bears will try to push stocks below Monday's low, followed by a run below 1056.

Actions I Will Be Taking:

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