Trading Plan for October 8, 2010
Current Long Positions (stop-losses in parentheses): TICC (9.62), BRKR (13.92), CVX (80.67), DAL (11.12), ELY (6.78), ITW (46.40), SSO (38.70), QQQQ (48.19), FRG (6.99), URS (37.12), TIE (19.52), BEAV (29.54)
Current Short Positions (stop-losses in parentheses): None
BIAS: 91% Long
Economic Reports Due Out (Times are EST): Employment Situation (8:30am), Wholesale Trade (10am)
My Observations and What to Expect:
Futures are moderately negative
Employment numbers will paint the picture for the market today.
Bulls managed to hold the previous day's lows in trading yesterday.
Price maintained support above the long-term downward trend-line.
Best case scenario for the bears today is to gap below yesterday's lows and move below 1140 or Tuesday's lows.
Best case scenario for the bulls today is to gap above the 1063 level and ultimately push through the 1173 level.
Somewhere in between the two scenarios would be cause to tighten my stop-losses even further.
Asian markets mixed, European markets are feeling some selling pressures.
Aloca (AA) reported positive earnings to jump-start Q3 reporting.
Here Are The Actions I Will Be Taking: