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Trading Plan for July 22, 2010

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July 22, 2010 – Comments (0)

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

Current Short Positions (stop-losses in parentheses): ESV (42.84), WTFC (37.15), SLAB (44.80), CERN (82.08), ALB (43.59), HIBB (26.65),  WRC (40.95), QQQQ (45.83), NSIT (14.79)

BIAS: 93% Short

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Ben Bernanke (9:30am), Existing Home Sales (10am), FHFA House Price Index (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

Lots of reports due out today. Jobs # is key to the market as to whether it can early morning strength. Ben Bernanke speaking at 9:30am could also derail or encourage the bulls and add further volatility to early morning trading. Unlikely he'll say something like yesterday that would cause immediate selling - I'm guessing he'll be much more guarded with his words. Morning strength is a huge concern for me this morning - news out of Europe doesn't seem to warrant such a strong move. Not when compared to the muted earnings reactions we've seen from blow-out numbers like Apple (AAPL) and Intel (INTC). Morning gaps, whether up or down have all been filled. Today would have to be a "True until proved otherwise."Interesting scenario today.....Good Jobs # = mega Rally, Bad Jobs # = Wipe out significant amount of morning gains.Surprised investors are jumping on the bandwagon so early on with the significant amount of morning news that is due out. Close above 1099 would be a huge problem for bears. I'll be also watching 1092 on the e-mini S&P futures for a break of the downward trend line in place. Market successfully rejected attempt by bulls to break through the 50-day moving average.

Actions I Will Be Taking:

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