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Trading Plan for August 31, 2010

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August 31, 2010 – Comments (0) | RELATED TICKERS: SPY

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

Current Short Positions (stop-losses in parentheses): SPY (108.68), DGX (45.95), FCN (35.01), OMI (27.76), ADBE (29.78), DDS (22.16), BIDU (83.39)

BIAS: 52% Short

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case-Shiller HPI (9am), Chicago PMI (9:45am), Consumer Confidence (10am), State Street Investor Confidence Index (10am), FOMC Minutes (2pm), (Farm Prices (3pm)

My Observations and What to Expect:

Futures down moderately.

A lot of reports due out today - none more important than Consumer Confidence.

FOMC Minutes could add additional jolt to the markets, depending on its language.

Bears need to close below 1039. Twice last week the market have bounced at these levels.

Bulls need to close above 1065 to inspire some more buying.

Nice Downtrend from 8/9 with short-term lower-highs on 8/18 and 8/27.

Bears need to see more volume pouring in on its down-days to get the ultimate sell-off it seeks.

Actions I Will Be Taking:

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