Trading Plan for October 19, 2010
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: