Trading Plan for Wednesday (May 20, 2009)

The SPY has gone through a mild correction, those red candles with moderate volume are quite noticeable. I believe this market is going to go somewhere decisively soon....now that VIX options expiration is behind us. The key events that I am watching for are Jobless Claims on Thursday, Memorial Day holidays, FOMC and Month end window dressing if any.

In order to rally really hard for Month End Window dressing, naturally we need to pull back a little more. On the other hand, there is also this possibility that the MMs might take the path to surprise everyone by pushing this market above SPY 95.....that is something "Insane" I know.




I like the setup for AMZN, for either a long or short play... There will be a compelling trade soon.

This is a setup I hate, but just posting this as a plan.


JPM is now in a very defensive posture, could go sideways or a little down....For the upside, the target is pretty clear.