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Trading Plan for September 29, 2011

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September 29, 2011 – Comments (0) | RELATED TICKERS: SPY

 

Current Long Positions: Netflix (NFLX) Nov 160 Calls

Current Short Positions: None

BIAS: 7% Long

Economic Reports Due Out (Times are EST): GDP (8:30am), Jobless Claims (8:30am), Corporate Profits (8:30am), Bloomberg Consumer Comfort Index (9:45am), Pending Home Sales (10am), EIA Natural Gas Report (10:30am), Farm Prices (3pm)

My Observations and What to Expect:

Futures are slightly higher heading into the open.

 

Most of Asia traded higher, ranging from -0.66% to 1.1%, while Europe as a whole is trading flat.

GDP and Jobless claims will have a large impact on market direction today. 

The S&P, for the second day in a row, failed to break and close above the 10 and 20-day moving averages. These two averages will be the main resistance levels to watch again. 

The S&P is now continuing the confirmation in the bear-flag pattern. 

Despite the respectable sell-off yesterday, there didn't seem to be a lot of conviction to the move, nor did there seem to be any  panic involved. 

Support for the market will come into  play again at the 1120 level, followed by 1114 and then again at 1101. 

Support for gold is coming up on a critical long-term trend line. On GLD this is at $154.

Make sure that whatever you do, that you protect the gains that you have, and be ready for sudden and quick reversals in this market.

The bears have yet to successfully trade AND close below 1120 on the S&P. There is continued buying support at these levels. Should this level eventually break, watch 1114, and then 1101 for additional support.

This week marks the last trading week for the quarter, and should expect some interesting price moves as we head towards Friday.

My Conclusion: GDP and Jobless claims came in very bullish and should help to support the markets throughout the day, barring anything out of Europe. 

Here Are The Actions I'm Taking:

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