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Trading Plan for October 4, 2010

October 04, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (13.49), CVX (77.93), DAL (11.12), ELY (6.39), ITW (45.47), SSO (38.03), QQQQ (48.06), FRG (6.78) PCX (10.99)

Current Short Positions (stop-losses in parentheses): LMT (76.35)

BIAS: 80% Long

Economic Reports Due Out (Times are EST): Factory Orders (10am), Pending Home Sales (10am)

My Observations and What to Expect:

Futures are down moderately..

Asian markets are mixed while European markets are with about 1% in losses.

1160 is a key long-term resistance level that needs to be watched (give or take a couple points).

We've now seen five straight days of consolidation.

Best case scenario for the bulls is if we could gap above 1150 tomorrow and push through 1160 at the close.

Best case scenario for the bears is for a move back down to 1130.

Still wedged up against the upper line of the rising channel. For October to be a success, will need to breakout and close above the upper-line.

Here Are The Actions I Will Be Taking: