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Trading Plan for July 19, 2010

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July 19, 2010 – Comments (0)

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

Current Short Positions (stop-losses in parentheses): ESV (42.84), MR (32.34), WTFC (37.71), SLAB (44.80), CERN (83.20), ALB (43.59), HIBB (26.65),  WRC (40.95)

BIAS: 89% Short

Economic Reports Due Out (Times are EST): Housing Market Index (10am)

My Observations and What to Expect:

No major economic reports due out today that would single-handedly shift/influence market sentiment.

Futures up moderately prior to open.

With no news, morning bullishness is a fade-worthy trade on gap-up

Friday's sell-off engulfed six previous trading sessions = bearish

Still overbought on S&P and other indices.

Volume on Friday was higher than all previous 9 trading sessions.

Previous higher volume day occurred on key reversal day that occurred on 7/1/10

Series of previous lower-highs in place...perfectly.

If series of 9 day market reversal pattern remains intact, we could be on only day 2 of 9 selling days.

Earnings should be main market driver this week with big names reporting.

Actions I Will Be Taking:

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