8/30/11 Morning Prep / Analysis: Consumer confidence (10am)

Fundamentals: Futures to open lower, economic data in focus
- 10:00am: Consumer confidence

Technicals: 7:48am- Fast charts showing initial signals for a short bias. Slow chats still holding long bias, but if fast charts continue direction, slow chats will slip into short bias. After filling out the DAS, my current technical bias is neutral. Because of this, I am waiting for buyer or seller conviction before taking a position.

Course of action: I will monitor charts and wait for buyers or sellers to step in. I will also keep in mind the consumer confidence at 10am and make sure I am not in a position going into the news.