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Trading Plan for Sept. 15, 2010

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September 15, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (8.64)

Current Short Positions (stop-losses in parentheses): SPY (113.30), DELL (13.26), URBN (36.60)

BIAS: 44% Short

Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), Empire State Manufacturing Survey (8:30am), Import and Export Prices (8:30am), Industrial Production (9:15am), EIA Petroleum Status Report (10:30am)

My Observations and What to Expect:

Futures are slightly down.

Today is extremely important for the market, as the market is right below the all-important 1130 level on the S&P.

Yesterday it came close to challenging it (1130), but as soon as it did a wave of selling hit the markets.

A perfectly formed doji candle was formed on the S&P yesterday. This typically signifies a huge warning sign to trend followers, that a reversal is imminent. Last time we had a similar shaped doji was on 7/6 which later resulted in a 12% market rally.

If I had long positions here, I would start tightening my stop-losses and locking in gains.

Market is still extremely overbought.

Inverse head and shoulders pattern still not confirmed - must break through 1130 first.

Bear's goal should be to drive this market below 1100 again. It would be a break of resistance and a shift in market behavior.

Here Are The Actions I Will Be Taking

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