Trading Plan for August 20, 2010
Current Long Positions (stop-losses in parentheses): TICC (8.51), QQQQ (Hedge)
Current Short Positions (stop-losses in parentheses): SPY (113.30), DGX (50.09), FCN (36.75), URBN (34.91), OMI (29.31), HSY (49.93)
BIAS: 0% Neutral (52% Short w/o QQQQ)
Economic Reports Due Out (Times are EST): No reports due out.
My Observations and What to Expect:
Futures currently trading down about 0.6%.
Yesterday's sell-off was a good start for the bears to begin the next leg down in this market.
Expect the bulls to strongly defend the Monday lows. If the price level breaks, look for a run to 1056 on the S&P.
Early morning futures action indicates the bears are looking to add to yesterday's losses and push this market even lower. Fridays have been great days recently for panic sells.
Actions I Will Be Taking: