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Trading Plan for February 13, 2012

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February 13, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): None

Premarket Update (Updated 8:30am eastern):

US Futures are up strong on Approval of Greece austerity measures

Asian markets were up about 0.4%

European markets are up about 0.8% right now. 

Technical Outlook (S&P):

The S&P saw some significant selling on Friday, but the buying in the last hour of trading put a damper on things to say the least. 

The 5-minute & 30-minute chart on the S&P forms a text book double bottom. 

Today's pre-market strength could create a bullish island reversal pattern, where you have over a two-day period a strong gap-down followed by a strong gap-up. 

Volume was strong on Friday, the highest level of the month. 

We are coming off of short-term overbought conditions. 

The SharePlanner Reversal Indicator finally gave us a reversal signal both on the daily and weekly indicators. 

The S&P closed in negative territory for the first time in five weeks. 

Trend-line support is at 1300 off of the 11/28 lows. 

My Opinions:

Chart:

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