Trading Plan for Sept. 23, 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): Jobless Claims (8:30am), Existing Home Sales (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am),
My Observations and What to Expect:
Futures are moderately lower.
It is very possible that futures will open up below 1130 this morning, but I wouldn't look at it as weakness from the bulls, but more as a pullback at this point.
I would be more concerned if they starting dropping below 1100-1090.
First time since August we have seen two days in a row in the negative.
Jobless claims that misses, could result in a very nice decline and offer an opportunity to put some capital to work.
A healthy sell-off today, would go a long ways in working off these overbought conditions.
One thing I would keep an eye on has been the volume on the down-days during the past two days of selling - they have been higher than all other days except for 9/2.
Here Are The Actions I Will Be Taking: