Trading Plan for Sept. 10, 2010
Current Long Positions (stop-losses in parentheses): TICC (8.64)
Current Short Positions (stop-losses in parentheses): SPY (113.30), DELL (13.26)
BIAS: 25% Short
Economic Reports Due Out (Times are EST): Wholesale Trade (10am)
My Observations and What to Expect:
Futures are moderately higher
Today will mark the fifth time we have attempted to break through the downward trend-line, the last four times have been unsuccessful. Today it stands at 1104 on the S&P .
Though futures are up, the gap doesn't look like something that can hold once the equities markets open.
Came close yesterday to testing the 200-day moving average.
The bear kill-switch resides on a break of 1130.
A close below 1091 today would likely lead to additional selling next week.
Actions I Will Be Taking: