Trading Plan For Sept. 13, 2010
Current Long Positions (stop-losses in parentheses): TICC (8.64)
Current Short Positions (stop-losses in parentheses): SPY (113.30), DELL (13.26), FL (13.81)
BIAS: 34% Short
Economic Reports Due Out (Times are EST): Treasury Budget (2pm)
My Observations and What to Expect:
Futures are up strong heading into the open.
Chinese economic reports seem to be bolstering the market this morning.
Downward trend-line off of the April highs has been broken. But no higher-highs have been put in place yet.
Market is extremely oversold in every sense of the word. Seven out of the past eight days has seen the S&P increase in value.
200-Day moving average acts as the next road-block for the bulls to conquer at 1115.
Volume last week was very weak, which puts in to question the validity of the gains seen.
Bears need to get the ball rolling very soon - need to push the market below 1091 as its first order of business.
Wouldn't be overly surprised to see this rally faded today - I put the odds at 50%.
Actions I Will Be Taking: