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Trading Plan For March 22, 2011

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March 22, 2011 – Comments (0) | RELATED TICKERS: SPY

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

Current Short Positions (stop-losses in parentheses)SPY (131.35)

BIAS: 45% Short

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), FHFA House Price Index (10am), Bernanke Speaks (12pm)

My Observations and What to Expect:

Futures flat, with a slight positive bias.

Japan up another whopping +4%, while the rest of Asia was slightly higher. Europe is trading flat on the day.

The 1303 level on the S&P will continue to be an important resistance level today where the 20 & 50 day moving average resides, as well as previous price resistance.

Despite yesterday's strong price surge, the volume was very low and below average.

A break of the descending trendline would occur at 1313 on the S&P.

New downtrend is in place, and as a result, rallies should be viewed skeptically, and with the idea that they are opportunities to reload on short positions. 

Trades, whether long or short, should be held for a much shorter period of time. Market volatility can quickly erase gains. 

My conclusion: If this market is going to continue its bearish ways, it will need to sell off here real soon. 

Here Are The Actions I Will Be Taking:

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