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Trading Plan for July 25, 2011

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July 25, 2011 – Comments (0) | RELATED TICKERS: SPY , ATRS , XIDEQ

 

Current Long Positions (stop-losses in parentheses): XIDE (7.43)

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

BIAS: 6% Long

Economic Reports Due Out (Times are EST): Chicago Fed National Activity Index (8:30am)

My Observations and What to Expect:

Futures are significantly lower on lack of debt deal. 

 

Asia down about 0.8%, Europe down about 0.25%. 

Mixed market on Friday, with Dow leading the way lower, Nasdaq almost 1% higher, and S&P flat.

S&P and other indices (more noticibly the Nasdaq), are forming inverse head and shoulders patterns dating back to May '11. A break of the 7/7 highs, would confirm the pattern. 

Needs to break 1357 on the S&P to form a new higher-high in the current trend line. A sell-off here, would completely change the tone of the market. 

Market is entering Short-term overbought territory. 

A big problem for the market would be a push below S&P 1323, which would hamper the market's upward momentum. 

Short-term market trend-line finds support today at S&P 1305. 

Volume has tailored off a bit lately. 

My Conclusion: The market is likely play to the loonies of the politicians on Capitol Hill going forward the next couple of weeks, and we're seeing those effects today. We could see today turn into a sell-the-rumor, buy-the-news even based on the fact that the market essentially held its own in overnight trading. 

Here Are The Actions I'm Taking:

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