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Trading Plan for February 22, 2012

Recs

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February 22, 2012 – Comments (1) | RELATED TICKERS: SPY , QQQ , DIA

Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Existing Home Sales (10am)

Premarket Update (Updated 9:00am eastern):

US Futures are slightly weaker heading into the open. 

Asian markets traded higher - ranging from 0.3% up to 1.1%

European markets are trading lower by about -0.5%.

Technical Outlook (S&P):

S&P formed a spinning top/doji candle stick using a SPY chart. 

All support levels are still held on the S&P

Volume was light yet again. 

Greece was downgraded by Fitch from "C" to "CCC" with default being considered "Highly Likely" - little material impact to the financial markets though. 

1370, when looked through the prism of a 15-year chart, represents a very strong price level where markets have historically reversed at. 

The S&P has followed closely to the 10-day moving average since mid-December. However, the two breaks below that have occurred since, have meant very little for the bears. 

The 20-day moving average looks like a very strong rising support level and at 1339, if that price level broke, would represent a dramatic shift in market sentiment. 

We have yet to have a 1% pullback this year - the 13th longest such streak since 1928. 

And yes....We remain firmly in overbought territory. 

Hopefully Greece is behind the market now that they got their "agreement" (but doubt it). 

30-min chart shows an unwavering uptrend in place. 

Price level support lies at 1326 and then again at 1300. A break of the latter in coming days would drastically change market behavior/outlook. 

My Opinions:

Chart:

1 Comments – Post Your Own

#1) On May 02, 2012 at 8:07 PM, buffetlunch (< 20) wrote:

I am a 2012 PlAN novice in the MDPortfolio.  I cannot seem to find daily, or weekly, updates or comments regarding the 2012 level of involvement.  My 6 month MDP portfolio is still in the low 5 figures; but seems to be heating up (15% currently).  Have you fools abandoned your rookies?  If you are still interested in us, with all your big deals taking preference, please stick an easy-to-find-and-click-on Google section, BOLDLY LABELED, at your earliest opportunity, won't you?

BUFFET LUNCH 

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