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Trading Plan for October 13, 2010

Recs

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October 13, 2010 – Comments (0) | RELATED TICKERS: SPY , JPM , INTC

Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.45), CVX (82.45), ITW (47.40), SSO (40.07), QQQQ (48.99), TIE (19.52), BEAV (30.90), PAG (12.86), DTV (41.09)

Current Short Positions (stop-losses in parentheses)None

BIAS: 91% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Import and Export Prices (8:30am), Treasury Budget (2pm)

My Observations and What to Expect:

Futures are trading moderately higher today. 

Another encouraging intraday recovery for the bulls yesterday, which continues to provide further legitimacy to this market rally. 

Both Asian and European markets are up strong. 

Intel (INTC) and CSX Corp (CSX) reported solid earnings after the bell that was well-received by the street. Should help provide support to the markets today. 

On an intraday basis, the market continues to bounce off of 1156 level, causing a lot of headaches for bears. 

The potential exists for a gap above the last remaining resistance level on the S&P before challenging the April highs. Such a gap could be enough of a catalyst to see a multi-day rally. 

Fed news of late, tends to take a 2-3 days for the market to digest. 

No major/significant economic news due out today. 

JPMorgan (JPM), Charles Schwab (SCHW) scheduled to report earnings before the market open. 

Bears should aim to break through 1156 level on the S&P and then 1150 thereafter. 

Actions I Will Be Taking:

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