Monday, September 20, 2010

Daily Trading Plan - Sept. 20th

Futures are currently positive this morning going into the opening.  Inverted head and shoulders broke and failed last Friday and is now back trading above resistance.

This will put the SP500 opening at its on resistance line.  Housing data will be out at 10am (central).  Positive housing data this week could symbolize the housing market is back on its feet post-stimulus.

Any more failed attempts by the bulls could be followed by a major sell off.

I won't be opening any more trades today as the market has yet to pick a direction.  Entering into long positions now could be a major risk.  Will be looking for future short positions to climb into.

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