Trading Plan for October 25, 2010
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: