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Trading Plan for July 27, 2011

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July 27, 2011 – Comments (0) | RELATED TICKERS: SPY , KOG , TLAB

 

Current Long Positions (stop-losses in parentheses): KOG (6.56), TLAB (4.43), QCOM Oct 60 Calls

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

BIAS: 13% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), EIA Petroleum Status Report (10:30am), Beige Book (2pm)

My Observations and What to Expect:

Futures are moderately lower 

 

Asian markets were about 0.5% lower, and Europe is currently trading 0.7% lower. 

10-day and 20-day moving averages are in play today - look to see whether the market can find any support from these short-term/minor support levels. 

If we see a significant sell-off today, look for support at the short-term rising trend-line of 1310 (trend-line began on 6/23). 

Volume saw a mild uptick but still well below average levels. 

Current bullish trend would end if we break the 7/18 lows and put in a new lower-low. 

After breaking Friday's highs, the market needs to break 1353 on the S&P, which represents the descending trend-line from the 5/2 highs.

S&P and other indices (more noticeably 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.

My Conclusion: It's pretty hard to be overly bullish/bearish in this current market, when it appears to be a ship without its rudder. No clear direction exists, which makes it much more suitable for day-trading the current day's trend. 

Here Are The Actions I'm Taking:

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