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Trading Plan for Sept. 7, 2010



September 07, 2010 – Comments (0) | RELATED TICKERS: SPY

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:

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