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Trading Plan for July 29, 2010

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July 29, 2010 – Comments (0)

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

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

BIAS: 100% CASH

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), EIA Natural Gas Report (10:30am), Fed Balance Sheet (4:30pm), Money Supply (4:30pm)

My Observations and What to Expect:

Futures moderately higher ahead of jobs report.

Jobs report whether good or bad, has been rallied on initially over the last two weeks. So a high jobless claims # doesn't guarantee a sell-off.

GDP report tomorrow will be what everyone prepares/positions themselves for today.

Despite the futures being higher, there is a possibility that traders take profits from the most recent rally ahead of the GDP report.

Gap as it stands now, seems very fill-able. But jobs # could throw a wrench in that play - stay tuned.

Today will likely be a low volume day.

Not a good sign for bulls showing for three days straight they can't close above the 200-day moving average, despite very aggressive attempts to do so.

Volume was surprisingly low yesterday for a down-day yesterday.

Markets still heavily overbought.

The lack of bad news, especially out of Europe has been the bulls' best friend and really the catalyst for this rally we've seen.

Actions I Will Be Taking:

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