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Trading Plan for Sept. 16, 2010

September 16, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (8.82)

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

BIAS: 36% Short

Economic Reports Due Out (Times are EST): Producer Price Index (8:30am), Jobless Claims (8:30am), Current Account (8:30am), Treasury International Capital (9am), Tim Geithner (10am), Philadelphia Fed Survey (10am), EIA Natural Gas Report (10:30am), 

My Observations and What to Expect:

Futures are slightly down.

High probability that we find out whether this market can break through the 1130 level on the S&P today. 

A good jobs report, would likely push us through the mark. 

A bad jobs report could be the perfect catalyst for a reversal up against 1130 resistance and a well-overbought market. 

Bear target would be for a close below 1113, which would push us below the week's lows as well as the 200-day moving average. 

Volume still has not been over impressive to-date. Not a lot of enthusiasm in this rally. 

Here Are The Actions I Will Be Taking: