Trading Plan for Sept. 22, 2010
Current Long Positions (stop-losses in parentheses): TICC (9.04)
Current Short Positions (stop-losses in parentheses): None
BIAS: 3% Long
Economic Reports Due Out (Times are EST): MBA Purchase Applications (7am), FHFA House Price Index (10am), EIA Petroleum Status Report (10:30am)
My Observations and What to Expect:
Futures are moderately lower.
Today will be used for the market to further digest the Fed's comments in yesterday's FOMC statement.
Yesterday snapped a 9-day winning streak for the Nasdaq.
I'd like to see a pullback to at least 1100-1115 on the S&P.
Finally starting to work off some of those overbought conditions.
Yesterday's volume was much higher than usual, but mainly in part due to the Fed announcement.
Monday's 1130 breakthrough, pretty much ruined the bear's chances of a breakdown before the end of the year.
The bears need to target a break of 1113, it's not much but it would be a start. A break of 1100 would have the bulls nervous.
Here Are The Actions I Will Be Taking: