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Trading Plan for August 26, 2010



August 26, 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: 65% Short

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

My Observations and What to Expect:

Futures are slightly below break-even.

Jobless Claims is what it is all about today. Will shape the market action.

S&P 1040 is once again the battle ground. I don't worry so much on one unsuccessful attempt at closing below it, but another failure today would become a concern.

Even if we get a bounce today, I don't see it pushing through 1070.

Price unable to push back through 1056 yesterday.

Potential for a major, end-of-week sell-off if the Jobs and GDP disappoints.

Actions I Will Be Taking:

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