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Trading Plan for Dec. 9, 2010

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December 09, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): VMW (84.50), APOG (12.18), BIDU (105.80), ESV (48.75), CX (9.56), NFLX (179.67)

Current Short Positions (stop-losses in parentheses)DTV (40.50)

BIAS: 36% Long

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

My Observations and What to Expect:

Futures are slightly up heading into the open. 

Asian markets were slightly up, and Europeans markets are mixed.

Yesterday's price action was very choppy, but managed to rally at the end to just barely reclaim the 1227 level on the S&P - a bullish sign. 

The last four sessions has been nothing more than consolidation by the market, with an ever so slight bullish bias to it. 

I am not on 'high-alert' like I was yesterday, I think the likely scenarios right now is further consolidation or a new leg up in the market.

1216 also marks the lows for the consolidation. A break below, could mark further selling in the near-term. 

The current rally on the daily charts still has the makings of what we saw back on 9/1 which rallied for over two months.

Dip buying will continue to be the name of the game for traders.

The 3-day rally we've seen in the USD has been on very light volume. 

For the bears - Push price back below the 1227 level, close below it, and then push the markets below 1216. 

For the bulls - Build upon the 1227 level, by shooting up above 1235 and signaling a new move upwards. 

Here Are The Actions I Will Be Taking:

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