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Trading Plan for Sept. 2, 2010

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September 02, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (8.51)

Current Short Positions (stop-losses in parentheses): SPY (108.68), DGX (45.95), FCN (35.01), OMI (27.76), ADBE (29.78), BIDU (83.39), HK (16.56), CERN (79.28)

BIAS: 61% Short

Economic Reports Due Out (Times are EST): Monster Employment Index (6am), Jobless Claims (8:30am), Productivity and Costs (8:30am), Bernanke Speaks (9am), Factory Order (10am), Pending Home Sales (10am), EIA Natural Gas Report (10:30am)

My Observations and What to Expect:

Futures are break-even.

Unbelievable how bullish everyone has become in 1 day. CNBC, Bloomberg, blogs and talking heads are all believers in the market suddenly.

One day doesn't change anything. Wait for the charts to confirm new behaviors in the market.

Any move up today, will result in a break of the 20 and 50 day moving averages.

Jobless claims is all the rage today.

Volume wasn't overwhelmingly strong yesterday, and don't expect it to be for the rest of this week with Labor Day Weekend on the horizon.

1100 is key level for bulls to break and bears to hold.

1040 is still the only level to the downside that the bulls and bears care about.

Actions I Will Be Taking:

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