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Trading Plan for February 7, 2012

Recs

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February 07, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Bernanke Speaks (10am), Consumer Credit (3pm)

Premarket Update (Updated 9am eastern):

US Futures are slightly lower heading into the open. 

Asian markets were mixed in trading. 

European markets are down ranging from -0.5% down to -0.9%.

Technical Outlook (S&P):

Yesterday was a good day of consolidation for the markets, forming a doji-dragonfly candle at the close. 

This was similar price action to what we saw during the 1/26-1/31 pullback. A few more days of similar action would be helpful to cool off the markets some. 

It is key for the S&P to hold on to 1331, as it represents the previous multi-year resistance level (now support). 

Volume was notably lighter yesterday on the market weakness. 

Trend-line support is at 1295 off of the 11/28 lows. 

The S&P, as well as other indices (particularly the Russell), have gone completely parabolic in their price action of late. 

We remained as overbought as ever, which eventually has to be reconciled. 

My Opinions:

Chart:

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