Trading Plan for July 6, 2010
Current Long Positions (stop-losses in parentheses): QQQQ (42.27)
Current Short Positions (stop-losses in parentheses): ESV (42.84), MR (33.39), SPY (109.91)
Economic Reports Due Out (Times are EST): ISM Non-Manufacturing Index (10am)
What to Expect:
Market has been signaling a desire to bounce since this past ThursdayWhile the market won't ignore bad news, it won't ignore the good news either (at least today it won't) - a positive ISM report could easily drive this market much higher today.Watch intraday indices for major break in the upward trend for clues to a possible intraday reversal or profit taking. Big gap up this morning will be a huge bear target going forward - watch out if the gap starts getting filled.
Actions I Will Be Taking: