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Trading Plan for February 9, 2012

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February 09, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): Jobless Claims (8:30am), Bloomberg Consumer Comfort Index (9:45am), Wholesale Trade (10am), EIA Natural Gas Report (10:30am)

Premarket Update (Updated 9am eastern):

US Futures are slightly higher heading into the open.

Asian markets were flat/mixed.

European markets are up about 0.6% overall

Technical Outlook (S&P):

S&P and Nasdaq continue a slow melt up, as the intraday dips consistently get bought up. Russell is showing some very nice consolidation at current price levels

There is still a large gap that has yet to be filled on the S&P from the 2/3 gap up.

Volume was slightly better than the prior day, but still trading below average.

The S&P is well overbought now on the daily, weekly, and monthly charts.

Be aware of the extended rally we've been on and how it compares to historical measures.

Any major rally at this point will allow us to challenge the 5/2 Bin Laden Recovery highs at 1370.

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

My Opinions:

Chart:

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