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Trading Plan for October 14, 2010



October 14, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.54), ITW (47.40), QQQQ (49.25), TIE (19.73), BEAV (30.90), PAG (13.28), DTV (41.09), ZION (21.59), SDS (Hedge)

Current Short Positions (stop-losses in parentheses)None

BIAS: 26% Long (80% w/o hedge position)

Economic Reports Due Out (Times are EST): International Trade (8:30am), Producer Price Index (8:30am), Jobless Claims (8:30am), EIA Natural Gas Report (10:30am), EIA Petroleum Status Report (11am)

My Observations and What to Expect:

Futures are slightly higher today.

Yesterday the bulls managed to push through the last resistance barrier (1174) on the S&P before clearing the way to challenge the April highs.

Volume was outstanding yesterday - highest since July.

Asian markets up strong, European markets are mixed.

QE2 remains in the spotlight right now with traders.

Could foresee a pullback to the trend line in the cards for the near term - down around 1162-1165 range. Near the 20-day moving average.

Jobless Claims and PPI report will heavily influence market action.

Bears should aim to break through 1162 and then the 1156 level on the S&P.

Afternoon selling was a surprising change. 

Here Are The Actions I Will Be Taking:


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