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Trading Plan for July 15, 2010

July 15, 2010 – Comments (0)

Current Long Positions (stop-losses in parentheses): None

Current Short Positions (stop-losses in parentheses): ESV (42.84), MR (33.39), WTFC (37.71), SLAB (44.80), CERN (83.56), ALB (43.59), HIBB (26.65), LYV (11.95), WRC (40.95)

BIAS: 103% Short

Economic Reports Due Out (Times are EST): Producer Price Index (8:30am), Empire State Manufacturing Survey (8:30am), Jobless Claims (8:30am), Industrial Production (9:15am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

JPM reported earnings that beat street estimates, which resulted a small pop in the pre-market. Google reports after the bell.Jobless Claims and Producer Price Index hold today's trump card.

Futures up slightly - very fillable gap unless jobs & PPI create a major price swing.

Volume on S&P was almost equal with the volume level on previous trading session. Bulls are not behind this rally - likely more to do with short covering than anything else.Doji candle yesterday was a good sign the markets may be starting to slow down a bit.

Strong Jobless Claims + Strong PPI + Good JPM Earnings = Huge day in the market today (+1-2% or more)

Actions I Will Be Taking: