Trading Plan for November 24, 2010
Current Long Positions (stop-losses in parentheses): TICC (10.28), HRS (45.34), CEL (34.17), RAH (60.75), MENT (10.73)
Current Short Positions (stop-losses in parentheses): TFSL (8.23), ADBE (28.55), DTV (42.49), EQR (51.15), VPRT (42.37), TIE (17.84)
BIAS: 9% Short
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), Personal Income and Outlays (8:30am), Jobless Claims (8:30am), Consumer Sentiment (9:55am), New Home Sales (10am), FHFA House Price Index, EIA Petroleum Status Report (10:30am), EIA Natural Gas Report (12pm)
My Observations and What to Expect:
Futures are slightly up, with a slew of economic reports coming out later in the morning.
Asian markets are mixed, while European markets are showing some positive gains.
A large number of reports due out this morning between 8:30am and 10am, will add a large amount of volatility to the markets today.
Low volume the day before Thanksgiving, could potentially add some wild swings to the market.
1173 must be the focus of traders today, as a break of the price level would create a new lower-low and then nullify the uptrend the market has been in since 8/31.
Conflict between N. & S. Korea is adding a very unpredictable variable to the global markets.
For the time being, 1200 on the S&P is a distant memory, or at least for now. The goal for now should be to break yesterday's highs in the market.
Volume was abnormally high yesterday for Thanksgiving week, adding to the strength of yesterday's sell-off.
Here Are The Actions I Will Be Taking: