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Trading Plan for October 28, 2010

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October 28, 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), DIS (34.95), GS (154.50)

Current Short Positions (stop-losses in parentheses)None

BIAS: 52% Long

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

My Observations and What to Expect:

Futures are slightly up. 

Asian markets were mixed. European markets are showing moderate strength. 

Jobless Claims come out and will likely  dictate market direction today. 

If we could gap up above 1185, there is a good chance this market will rally hard today. That would be 3+ points from where we closed at yesterday. 

Despite dropping significantly below the trend-line and the 10-day moving average on an intra-day basis, we still managed to close above these two important price levels. 

4 out of the last 5 trading sessions have ended in a doji candle - representing indecision by the markets. 

Overall, the market does not look like it is in trouble - rather it appears to be taking a breather before making the next leg up in the market. 

Bears need to push this market below the 10-day moving average, as well as close below the current trend-line and then close there. - 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. Found support on the 10/21 lows - will need to push through this as well. 

Here Are The Actions I Will Be Taking:

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