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Trading Plan for October 25, 2010

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October 25, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), DTV (42.34), ESRX (46.42), AAPL (306.75), GLD (121.25)

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

BIAS: 46% Long

Economic Reports Due Out (Times are EST): Existing Home Sales (10am)

My Observations and What to Expect:

Futures are showing considerable strength.

Asian markets are mixed and European markets are marked with solid gains.

10-day moving average continues to provide support for the S&P. 

Strong possibility we see a breakout to new short-term highs today. Indicative that the current trend is likely to continue. 

Strong open will provide a great opportunity to tighten up stop-losses substantially. 

Very little resistance standing in the way between current price levels and April highs. 

Outside chance today that we challenge the 1200 mark on the S&P. 

The main goal of bears should be to simply keep this market rally in check today and erase the day's gains - we saw as much happen last week  (Thursday). 

Here Are The Actions I Will Be Taking:

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