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Trading Plan for January 10, 2012

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January 10, 2012 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due out (Times are EST): NFIB Small Business Optimism Index (7:30am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Wholesale Trade (10am)

Premarket Update (Updated 9am eastern):

Futures are up strong - about 1%.

Asian markets are seeing gains of about 0.5%.

Europe is running hard, ranging from 1.6% up to 2.9%.

Technical Outlook (S&P):

Today's move represents a breakout of recent consolidation. 

From a price stand point we are looking at opening above the October highs. 

Volume yesterday was on part with what we saw on Friday. 

After 1293, the S&P could make a move up to the 1311-1315 area which would represent the descending trend-line off of the 5/2/11 highs (resistance).

The markets will be well into overbought territory after today's open. 

If price sells off hard and goes down to 1252, it would put price back inside of the Downward trend-line off of the 7/7 highs. 

On the 30 min chart, the early morning strength that we are seeing breaks price out of the bull flag. 

We still have a gap higher from Tuesday that has seen the bears attempt to fill, but failed the last three days. 

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