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Trading Plan for July 21, 2011

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July 21, 2011 – Comments (0) | RELATED TICKERS: SPY , LIOX , YSI

 

Current Long Positions (stop-losses in parentheses): SPY August 136 Calls, SD (10.72), GMO (4.39), LIOX (3.10), OPWV (2.38), YSI (10.75)

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

BIAS: 26% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Existing Home Sales (10am), EIA Petroleum Status (10:30am)

My Observations and What to Expect:

Futures are much stronger this mornings.

 

Asia was flat, and Europe is trading slightly higher. 

After a major move on Tuesday, we saw the market consolidate yesterday near its highs, finishing the day ever-so-slightly lower. 

Volume was very light. 

S&P managed to hold on to the 10-day moving average yesterday

Look for a test of recent highs at 1356 in the coming days/weeks. 

To stay relevant, the bears need to avoid a break of 1356, and aim for a push below 1295 on the S&P, in order to put a new downward trend in place. 

Strong positive correlation of late between the dollar and gold - which is a relationship we are not used to seeing.

Indices and a lot of stock charts are showing an inverse head and shoulders pattern forming on the daily charts.

My Conclusion: I'm bullish here, and will look for an eventual challenge of recovery highs. 

Here Are The Actions I Will Be Taking:

 

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