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Trading Plan for October 15, 2010



October 15, 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 (31.75), PAG (13.62), DTV (41.09), ACI (25.54)

Current Short Positions (stop-losses in parentheses)None

BIAS: 82% Long

Economic Reports Due Out (Times are EST): Bernanke (8:15am), Consumer Price Index (8:30am), Retail Sales (8:30am), Empire State Manufacturing Survey (8:30am), Consumer Sentiment (9:55am), Business Inventories (10am), Treasury Budget (2pm)

My Observations and What to Expect:

Futures are mixed, with Nasdaq showing the most strength. 

Google earnings is providing a huge boost to the Nasdaq - stock is up over 8% in after hours trading. 

Volume over the past couple of days has been impressive. 

S&P bounced nicely off of the current August-lows trend line. 

Bernanke speaking prior to the market open - could give a boost. I don't believe he'll try to sabotage the markets - he usually tries to avoid that at all costs. Instead the emphasis will be QE2. 

Nice pullback yesterday to the 10-day moving average, which has consistently represented support for the markets of late.

Lots of reports due out this morning - CPI and Consumer Sentiment will be in focus. 

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

Dip buying crept back in the last hour of trading yesterday. 

Here Are The Actions I Will Be Taking:

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