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Trading Plan for October 21, 2010

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October 21, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), DTV (42.20), EOG (97.52), ESRX (46.42), AAPL (305.59), SHLD (72.95)

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

BIAS: 61% Long

Economic Reports Due Out (Times are EST): Jobless Claims (8:30am), Leading Indicators (10am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am), 

My Observations and What to Expect:

Futures are trying to follow through on yesterday's gains. Could potentially gap above Monday's rally highs. 

Asian markets were flat/mixed, while European markets once again are rallying across the board. 

The bulls almost managed to close above Tuesday's highs. Any follow through today, would take care of what is remaining. 

Tried to fill the Tuesday gap, but only partially filled it in intraday action. 

Tuesday can now be considered a higher-low in the ongoing trend off of the August lows. 

NFLX and EBAY both had positive earnings reports that was well received by the Street. Both are set to open significantly higher today. 

Bears need to push the markets below 1166 on the S&P (yesterday's lows) and then 1159 (Tuesday's lows). 

New highs are in reach for the bulls, and should aim to break above 1184. Do that and Tuesday becomes a distant memory. 

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

Jobless Claims will affect the markets, but the focus is clearly on earnings. So far earnings season has been excellent for stocks on the S&P 500. But only 101 companies have reported - more to come this morning. 

AT&T (T), Catepillar (CAT), Credit Suisse (CS), Eli Lilly (LLY), McDonalds (MCD), UPS (UPS) are some of the more notable earnings reports coming out this morning. 

Here Are The Actions I Will Be Taking:

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