Trading Plan for Sept. 20, 2010
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: