Trading Plan for June 21, 2010
Trades:
No trades were placed on Friday.


Positions:
Day trade – None

We got the catalyst, the Chinese will allow the Yuan to rise against our dollar, which theoretically should lead to higher commodities prices, which in turn should push our markets higher. Who knows if it will, all we knew is that the market had been coiling for 3 days and the pressure had to be relieved and now the futures are up over 15 points. We’ve already had a correction back to the scene of the crime when the market pulled back to 1116. This area has now been retested and technically this area no longer needs to be tested again (not saying it can’t). Whenever you have a gap you typically get a re-test. Unfortunately for the shorts who were unable to cover, they may not be able to for awhile.


Also the 1125 area that we hoped would produce a pullback on Friday did (the market on Friday traded flat) produce the pullback and this area is currently trading now. Since we are trading in the overnight session this level could easily fail and lead us to the next resistance zone where we plan on trying our hand on the short side. We have provided levels below.

Economic Reports:

Monday, 21-June-2010
11:00 AM
4-Week Bill Announcement
11:30 AM
3-Month Bill Auction
11:30 AM
6-Month Bill Auction

Please find all trading levels below…


Daily Ranges- Day trade and Swing trade Alerts :
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