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Trading Plan for August 25, 2010



August 25, 2010 – Comments (0)

Current Long Positions (stop-losses in parentheses): TICC (8.51), EUO - UltraShort Euro (22.25)

Current Short Positions (stop-losses in parentheses): SPY (108.68), DGX (47.10), FCN (35.01), URBN (33.94), OMI (27.76), HSY (48.02), ADBE (29.78)

BIAS: 63% Short

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), New Home Sales (10am), FHFA House Price Index (10am), EIA Petroleum Status Report (10:30am)

My Observations and What to Expect:

Futures are slightly down.

New Home Sales will have a significant impact on the market today. Especially after yesterdays Existing Home Sales report was so dismal.

Durable Goods should also be closely watched.

S&P broke and closed below critical 1056 support level on the S&P.

Any near-term bounce in the S&P will likely struggle to go higher than 1100, and 1070 realistically.

Support levels for bears to break on S&P is 1040 (Neckline of Head and Shoulders pattern), and 1010 (July lows).

Actions I Will Be Taking:

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