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Trading Plan For Sept. 27, 2010

September 27, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (9.04), BRKR (12.95), CVX (76.89), DAL (11.05), ELY (6.39), ITW (44.45), SSO (38.03)

Current Short Positions (stop-losses in parentheses): LMT (76.35)

BIAS: 56% Long

Economic Reports Due Out (Times are EST): None

My Observations and What to Expect:

Futures are slightly positive

S&P will look to hold its gains, after Friday's strong rally.

Friday's rally after a 3-day pullback, confirmed that the breakout above 1130 on the S&P is legit. 

The next level of resistance for the bulls lies in the minor resistance at 1173. 

Bulls now have reclaimed the neckline of the confirmed inverse head and shoulders pattern. 

Bears should aim 1) To push the markets back below 1130, and 2) Put in a lower-low, by breaking below 1122. 

Thursday could set up to be a wild day with GDP and Jobless Claims due. 

With no major news due out today, it could be rather quiet. 

Last week before quarter-end. 

Here Are The Actions I Will Be Taking: