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Trading Plan for October 18, 2010

October 18, 2010 – Comments (0) | RELATED TICKERS: SPY , AAPL , IBM

Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.54), ITW (48.03), QQQQ (50.62), TIE (19.73), PAG (13.62), DTV (41.99), ACI (25.54), EOG (97.52)

Current Short Positions (stop-losses in parentheses): None

BIAS: 83% Long

Economic Reports Due Out (Times are EST): Treasury International Capital (9am), Industrial Production (9:15am), Housing Market Index (10am)

My Observations and What to Expect:

Futures are moderately negative. Have rallied quite a bit though off of the morning lows.

Apple (AAPL), Citigroup (C), Halliburton (HAL), IBM (IBM) all report earnings today. 

AAPL will single handedly take this market down if they miss today. 

Last three trading sessions have seen solid levels of volume pouring in.

Market is quickly nearing its April highs. 

QE2 remains the market focus in the near-term. 

S&P continues to ride the 10-day moving average. 

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

Bears should make a break below Friday's lows their main objective for today - (1166).

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

Here Are The Actions I Will Be Taking: