Trading Plan for October 11, 2010
Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.26), CVX (81.94), ELY (6.78), ITW (47.17), SSO (40.07), QQQQ (48.90), FRG (6.99), URS (37.82), TIE (19.52), BEAV (30.90), PAG (12.62)
Current Short Positions (stop-losses in parentheses): None
BIAS: 91% Long
Economic Reports Due Out (Times are EST): Columbus Day - No Reports, but market is still open.
My Observations and What to Expect:
Futures are trading slightly positive.
I would expect for the market to be relatively quiet today.
European markets are up, Asian markets were mixed.
Friday was a confirmation day that the current trend had not topped out yet on the S&P.
NASDAQ is just about ready to pull out of the consolidated range.
The trendline from 8/31 onward looks very solid.
Friday saw a test of the 1150 and held the important price level.
Best case scenario for the bears today is to push the market back below 1150.
Best case scenario for the bulls today is to trade and close above 1173
Using Friday's rally to tighten positions further.
Here Are The Actions I Will Be Taking: