Trading Plan for June 23, 2010
Trades:
No trades were placed today.


Positions:
Day trade – None

Quick update, we originally had our long target in the low 1090′s, but we decided to replace it with the current order we have now. The reason for the change had to do with the fact that we traded at 1109 again for almost a day. The market seemed to be coiling again and in our view the market was being bound by the 1102 area on the downside which we sense may begin to act as resistance (at least temporarily) if and once we broke through. We did break through and the trade in the low 1090′s did not seem to have such a great risk reward profile.


As mentioned yesterday there was a possibility that we tested the resistance area near the 1130 resistance zone, but looking at the charts closer we now believe that the area was not satisfactorily tested. So we sense that there is some unfinished business above.


Tomorrow is fed day so we would ideally like to get a trade off a couple hours before the announcement. That’s it for now, we will update in the trading room if we see any other developments.

Economic Reports:

Wednesday, 23-June-2010
07:00 AM
MBA Purchase Applications
10:00 AM
New Home Sales
10:30 AM
EIA Petroleum Status Report
01:00 PM
5-Yr Note Auction
02:15 PM
FOMC Meeting Announcement

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