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Trading Plan for October 19, 2010

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October 19, 2010 – Comments (0) | RELATED TICKERS: AAPL , GS , SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (14.75), ITW (48.89), QQQQ (50.62), DTV (41.99), EOG (97.52), ANN (21.06), ESRX (46.42), AAPL (284.00)

Current Short Positions (stop-losses in parentheses)None

BIAS: 91% Long

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Housing Starts (8:30am), Redbook (8:55am)

My Observations and What to Expect:

Futures are taking a hit this morning - particularly Nasdaq due to the Apple earnings released yesterday. 

Goldman Sachs (GS) and Bank of America (BAC) will be the main focus of the market today. Other notables include Johnson & Johnson (JNJ) and Coca-Cola (KO).

This is turning into probably one of the more interesting markets sessions we've seen this year with the abundance of earnings news being reported. .

Be very careful in the market today and weary of a potential meltdown - keep the stops tight. 

BAC earnings report is being received unfavorably by The Street. 

S&P needs to watch 1166 and whether the market holds it, if tested. 

Housing Starts is the most important economic report due out this morning. 

Dip Buyers have one heck of a task on their hands today if they want to see this market finish positive on the day. 

Here Are The Actions I Will Be Taking

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