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Trading Plan for Nov. 23, 2010

November 23, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (10.28), HRS (45.34), CEL (34.17), RAH (60.75)

Current Short Positions (stop-losses in parentheses): ADBE (30.10), DTV (43.30), EQR (51.15), VPRT (42.37)

BIAS: 2% Short

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), GDP (8:30am), Corporate Profits (8:30am), Redbook (8:55am), Existing Home Sales (10am), FOMC Minutes (2pm)

My Observations and What to Expect:

Futures are down in excess of 1% heading into the open. 

Asian markets down in excess of 2% and European markets are down over 1%. 

Today is shaping up to be another rejection at 1200 after yesterday's late day rally up near the price level. 

Bulls managed to bounce off of the existing trend-line (albeit a flatter one), and once again closed back below the 20-day moving average. 

Bullish flag forming on the charts, could be indicative of a potential move higher in the near future. 

Conflict between N. & S. Korea is adding to the losses we are seeing this morning. 

This is what it boils down to...a break below 1189 on the S&P will be a strong indication we are putting in a 'lower-high', which isn't a total game changer, but a break of 1173 (also the same price of the 50-day moving average) over the coming days is - as it would establish a new downtrend with a 'lower-low in place'.

For the bulls, the 1200 price level  and a break out of this flag pattern will change the sentiment of this market. 

Expect lower volume as the week continues to progress in lieu of Thanksgiving. 

Here Are The Actions I Will Be Taking: