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Trading Plan for Sept. 23, 2010

September 23, 2010 – Comments (0) | RELATED TICKERS: SPY

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: