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Trading Plan for June 24, 2011

Recs

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June 24, 2011 – Comments (0) | RELATED TICKERS: SPY

 

Current Long Positions (stop-losses in parentheses): SPY July 129 Calls, AAPL July 330 Calls, MHLD (7.04), KKD (8.65)

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

BIAS: 13% Long

Economic Reports Due Out (Times are EST): GDP (8:30am), Durable Goods Orders (8:30am), Corporate Profits (8:30am)

My Observations and What to Expect:

Futures are mixed.

 

Asia saw gains range from 0.9% up to 1.9%, while Europe is averaging about a 0.5% in gains. 

GDP is due out today, which will have a large affect on the overall market direction. 

Yesterday saw price on the S&P test the 200-day MA perfectly, and in a memorable fashion, rally 21 points off the lows to finish at the day's highs. 

Rally came off of news of a deal being reached on a Greece bailout. 

The S&P managed to hold the 10-day moving average, but needs to reclaim the 20-day as well, which has acted as resistance for 2 of the last 3 sessions (1292).

The 200-day moving average will remain the looming target the bears will need to break, as it has been unable to do so on two separate occasions in the last two weeks. 

After yesterday, and should we manage to push above the 1300 level on the S&P, it would be likely that a bottom has been put in on this latest downturn. 

Volume saw a strong uptick yesterday.

My conclusion: Very uncertain what we'll see today, I think the momentum is to the upside with yesterday's recovery, but the market is tied to every rumor and whisper over in Europe, so it is very easy to see things go from very good to very bad and vice-versa, just as we saw yesterday. 

Here Are The Actions I Will Be Taking:

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