Tuesday's Game Plan

We are surely going to gap lower today after the selloff in global equities, the Nikkei crashed 10.5% in the aftermath of the earthquake. Equities in Europe also sold sold soon after the Nikkei sell off. Premarket and at the time of this writing the S&P 500 futures are down -2.4%. The first thing I will be looking at today is the gap in the SPY, after the opening range I want to see thee SPY hold 129.50 as a mimimum for me to start selling agressively. If the SPY fails to breach this level then I expect to see a broadbased sell off. Either way, I expect to see a broadbased move today as volatility will surely be present due to the additional factor of the FOMC statement today at 10:15 p.m Oman time (GMT+4). Today could be incredibly difficult or easy to trade, I plan to hold on to ideas that work out as I expect to see continuation today.

Longs:

TSO
CHK
VLO
GG
SLW
PM

Breakouts:

PEP>65.00
SUN>44.50
XOM(ID)
COF(ID) (50.00-48.00)
SLW(ID)
KLAC(ID)
TJX(ID)

Shorts:

HPQ< 41.00
CIEN
SBUX
NTAP