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Trading Plan for Sept. 20, 2010

September 20, 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), SNX (27.03)

BIAS: 42% Short

Economic Reports Due Out (Times are EST): Housing Market Index (10am)

My Observations and What to Expect:

Futures are up moderately so far this morning. 

1130-1131 level on the S&P will, once again, be the main focal point for the bulls and bears. 

S&P prime to open up right near the resistance level. 

Nasdaq looking to make it 13 out of the last 14 days of advances. 

Going long at this juncture is a high-risk trade, reward is considered minimal. 

Bears could do themselves a favor by pushing the market below 1113. 

3 out of the last 4 market sessions have ended in doji candles, indicating market indecision at current price levels. 

Week following September Options Expiration is historically bearish. 

Here Are The Actions I Will Be Taking: