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Trading Plan for Nov. 4, 2010

November 04, 2010 – Comments (0) | RELATED TICKERS: PCXCQ

Current Long Positions (stop-losses in parentheses): TICC (9.62), GLD (130.99), SSO (42.57), SNDK (36.59), AMZN (161.90), JACK (23.16), GHL (75.95), NFLX (165.00)

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

BIAS: 53% Long

Economic Reports Due Out (Times are EST): Monster Employment Index (6am), Jobless Claims (8:30am), Productivity and Costs (8:30am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

Futures are up strong heading into the open. 

Asian and European markets as a whole saw gains in the range of 1-2%. 

The S&P managed to close a point above the recent highs, allowing for it to breakout of consolidation and resume the upward trend. 

S&P is poised to open above 1200 which, should it maintain this price level, would drastically improve the mood of the bulls. 

Yesterday's FOMC Meeting minutes was ultimately received well by the market, and usually allows for the market to experience 2-3 days of rallying solely off of the news. 

S&P is all clear to challenge the April highs. 

The bears should focus on breaking and closing below the 10-day moving average as well as the trend-line off of the August lows that is in place. 

Here Are The Actions I Will Be Taking: