Trading Plan for July 12, 2010
July 12, 2010
– Comments (2)
Current Long Positions (stop-losses in parentheses): QQQQ (Hedge)
Current Short Positions (stop-losses in parentheses): ESV (42.84), MR (33.39), SPY (109.07), NUS (27.59)
BIAS: Neutral
Economic Reports Due Out (Times are EST): None
My Observations and What to Expect:
- Earnings for Alcoa is released today. Alcoa sets the stage for the earnings season.
- The rally seen last week makes me think that we will see the market sell the earnings.
- Market is neither overbought nor oversold on any significant indicator at this point.
- Volume continues to drop off in a major way - further evidence of a dead-cat bounce.
- No major news scheduled, could make for a quiet open.
- Continue to watch BP efforts to plug the hole in the Gulf, and the affects it has on the markets, and - energy in particular as a result.
- S&P rally beyond 1090ish seems unlikely. Rally is probably coming to an end here, real soon, if this is indeed a bull-trap. All indications says it is.
Actions I Will Be Taking:
Read More...