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Trading Plan for October 20, 2010

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October 20, 2010 – Comments (0) | RELATED TICKERS: 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 (305.59)

Current Short Positions (stop-losses in parentheses)SDS  (29.31)

BIAS: 59% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), EIA Petroleum Status Report (10:30am), Beige Book (2pm)

My Observations and What to Expect:

Futures showing some strength after a huge sell-off yesterday. 

Asian Markets down hard, while European markets are showing gains. 

Yesterday's price action in the S&P broke the upward trend that started back on 8/31. No lower-low though. Thus, no new trend developing. 

At this point, it would only be prudent to consider the trend line to be flattening some. 

Wednesday will be filled with more earnings reports. 

Bears will want to push this market below 1156 and ultimately break 1150. 

Bulls need to hold yesterday's lows and begin chipping away at the losses yesterday. A close above 1178 would kill the bear morale. 

Today's focus will once again be earnings. Little in the way of economic reports to move the market. 

I am curious to see whether the dip-buyers will continue their bold behavior and buy this sell-off. 

Actions I Will Be Taking:

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