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Trading Plan for October 27, 2010

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October 27, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), GLD (121.25), DDS (26.07), SSO (41.40)

Current Short Positions (stop-losses in parentheses)None

BIAS: 32% Long

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Durable Goods Orders (8:30am), New Home Sales (10am), EIA Petroleum Status (10:30am)

My Observations and What to Expect:

Futures are down moderately.  

Asian markets were down significantly over night - over 1%. European markets are down as well. 

Yesterday's intra-day sell-off tested the 10-day moving average and the intermediate trend-line off of the August lows and held support before rallying off of those lows. 

The markets are very much stalling at current price levels - comparisons can be drawn to the choppiness seen around the April highs, from earlier this year(which also occurred during earnings season), before it ultimately headed lower. 

Bears need to push this market below the 10-day moving average as well as close below the current trend-line - that is the first order of business. Ultimately, the bears have to push the market below 1159, before  they can cast a dark shadow over this market. 

Bulls will once again attempt to demoralize the bears by erasing this early morning weakness, and close higher on the day. Tuesday's highs need to break, and a close above 1200 on the S&P should see further buying interest arise in the market and increase investor morale.

Here Are The Actions I Will Be Taking:

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