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Trading Plan for November 30, 2011

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November 30, 2011 – Comments (0) | RELATED TICKERS: SPY

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Challenger Job-Cut Report (7:30am), ADP Employment Report (8:15am), Productivity and Costs (8:30am), Chicago PMI (9:45am), Pending Home Sales Index (10am), EIA Petroleum Status Report (10:30am), Charles Plosser Speaks (10:45am), Beige Book (2pm), Farm Prices (3pm)

The Breakdown:

Futures are soaring higher today on coordinated actions taken by central banks across the globe to lower the cost of borrowing the dollar (liquidity swaps).

Asia traded, on the whole, slightly lower, while Europe is averaging over 3.5% in gains.

We are poised to open above the 10,20, and 50-day moving averages on the S&P.

A break of the downward trend-line (mid-term) off of the October highs would effectively end at 1251 (resistance is declining). With the premarket move, that is very close to being 'in-play'.

This is why shorting these market rallies are so dangerous, and why I warned all last week about adding new short positions to the portfolio, because these market rips are so violent and irrational, that it is an absolute capital killer for the bears who don't go cash beforehand.

Considering the move that we had on Monday and again today, I would start looking to liquidate some long positions on this incredible strength and over 70 S&P points in 3 days.

Here's my conclusion and S&P chart analysis.

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