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Trading Plan for Sept. 28, 2010

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September 28, 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), QQQQ (48.06)

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

BIAS: 73% Long

Economic Reports Due Out (Times are EST): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case-Shiller HPI (9am), Consumer Confidence (10am), State Street Investor Confidence Index (10am), 

My Observations and What to Expect:

Futures are slightly above break-even. 

Volatility could increase as we approach the end-of-quarter.

Bulls must push through 1150 on the S&P, which is currently acting as resistance, followed by 1173. 

Asian and European markets are down. 

I'll be watching the Consumer Confidence report and the market's response to it. 

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.

In the very near-term, the markets have managed to work off their overbought conditions. In the intermediate to long-term picture, we are still overbought. 

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

Last week before quarter-end.

Here Are The Actions I Will Be Taking:

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