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Trading Plan for March 8, 2012

March 08, 2012 – Comments (0) | RELATED TICKERS: SPY , DIA , QQQ

Economic Reports Due out (Times are EST): Challenger Job-Cut Report (7:30am), Jobless Claims (8:30am), Bloomberg Consumer Comfort Index (9:45am), Quarterly Services Survey (10am), EIA Natural Gas Report (10:30am)

Premarket Update (Updated 6:30am eastern):

US Futures are bouncing this morning - up moderately. 

Asian markets are trading 1.6% higher. 

European markets are trading 1.7% higher. 

Technical Outlook (S&P):

S&P is looking at 1% in gains heading into the open off of Greek PSI news and Fed sterilization rumors (i.e. more QE). 

If this morning's early strength holds, Tuesday's sell-off will be completely recovered. 

VIX index (aka Fear index) dropped back below 20 yesterday which tends to be more bullish. 

The S&P looks to recapture the 20-day moving average and potentially the 10-day moving average at 1363. 

30-minute chart on the S&P needs to make new recovery highs to improve its standing. Currently it still looks very toppy. 

My Opinions:

Chart: