Trading Plan for Sept. 7, 2010
Current Long Positions (stop-losses in parentheses): TICC (8.64)
Current Short Positions (stop-losses in parentheses): None
BIAS: 3% Long
Economic Reports Due Out (Times are EST): None
My Observations and What to Expect:
Futures are moderately negative heading into the open.
No major news events scheduled for today.
Some significant resistance levels overhead for the bulls: 200-day moving average at 1,115. The infamous 1,130 level is the most significant price level for the bulls to break through.
The 1,107 level on the S&P is very important as well, as it represents the upper-line of the downward channel that began off of the April highs (see one of my recent market wrap-ups for more in-depth explanation).
Bears need to aim for the 1,080/50-day moving average, and ultimately breaking the ultra-stubborn 1,040 price level.
Actions I Will Be Taking: