Daily Trading Plan for December 28, 2011

by Adam Beaty

Economic Reports Due out (Times are EST):

• No Major Economic Data

Premarket Update (Updated 8am eastern):

• Futures are positive this morning
• European markets are mixed with Britian up 0.63%, Germany down 0.02%, and France up 0.51%
• Asian markets are also mixed with China up 0.19%, Japan down 0.20%, and Hong Kong down 0.59%

Commodities

• Precious Metals are lower, with gold down 0.23%
• Energy futures are lower, crude oil down 0.31%
• Natural gas futures also lower at 0.57%, and Copper is higher by 0.88%

Technical Outlook (S&P):

• SPX was able to hold the 200 day moving average thus far
• Yesterday we receieved a low volume consolidation which could be the start of more
• We are very overbought so look for a pull back or consolidation to get us out of that

My Opinions:

• Yesterday was the start of our low volume choppy days
• We should expect the rest of the week only to be the same
• Breakouts are trying to go on no volume
• Keep trading light and stay nimble this week

Chart