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Trading Plan for Sept. 9, 2010

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September 09, 2010 – Comments (0) | RELATED TICKERS: SPY

Current Long Positions (stop-losses in parentheses): TICC (8.64)

Current Short Positions (stop-losses in parentheses): SPY (113.30), DELL (13.26)

BIAS: 25% Short

Economic Reports Due Out (Times are EST): International Trade (8:30am), Jobless Claims (8:30am), EIA Natural Gas Report (10:30am), EIA Petroleum Status Report (11am)

My Observations and What to Expect:

Futures are slightly positive

Jobless Claims will be the main focus heading into the open, and should have a significant impact to market direction to day. Consensus is 470k.

1104 of the Downward trend-line will be today's key resistance level for the bulls to breakthrough. Last three days have been unsuccessful.

If the bears could hold the 1104 trend-line and then proceed to sell off even further and eventually break the 1040 level, it would spell disaster for the bulls - the downward trend-line would be working perfectly and according to plan.

Breaking through the 50-day moving average for the bears and 200 for the bulls are key near-term obstacles for both.

Except for July, and since April, the second half of each month has been much more conducive to seeing significant selling, than the first half.

Actions I Will Be Taking:

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