Trading Plan for July 23, 2010

Current Long Positions (stop-losses in parentheses): What are those? :)

Current Short Positions (stop-losses in parentheses): ESV (42.84), WTFC (37.15), SLAB (44.80), ALB (43.59), HIBB (26.65),  WRC (40.95), QQQQ (45.83), NSIT (14.79), AA (11.43), DLLR (19.84), HSIC (55.46)

BIAS: 90% Short

Economic Reports Due Out (Times are EST): Absolutely Nothing!

My Observations and What to Expect:

• Despite yesterday's mega rally, there is still no major change occurring yet to void the bearish argument
• No economic news to influence the market today
• Futures trading with a moderate upside bias.
• European debt issues seems to be fading away, in terms of being news-worthy events.
• Price has closed right on the April downward trend line, which is the bear's 1st line of defense.
• 2nd line of defense are the previous highs on the S&P at 1099. A close at 1100 would be really bad for the bears.
• The market this week is finding reason for rallying on bad news - selling on good news. 
• Seesaw action is about to drive me mad! Give me a freakin' trend - ANY TREND!
• Amazon (AMZN) and SanDisk earnings reports were not well received by the market in after hours trading yesterday - especially Amazon.

Actions I Will Be Taking:

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