Trade Ideas February 3, 2010
Two days in a row now the market has moved upward but can it hold? To read more on that, check out the article I posted last night on my trading strategy going forward. Unless things drastically change, I am pretty confident about my approach.
For today, it should be much more quiet than it has in recent days as we only have MBA Purchase Applications at 7am ET followed by the ADP Employment Report at 8:15, ad then the ISM Non-Manufacturing Index at 10am. As for earnings, you still have a ton of companies reporting such as Visa (V) and Yum Brands (YUM), but none that would be considered major market movers like an Apple (AAPL) or Google (GOOG).
Currently the futures are showing a little bit of strength heading into the open, with the Dow up 16 points, Nasdaq up 3.25, and the S&P up 1.5.
Here are Today's Trading Ideas...
Potential Swing Trade (Long): Cogent Communications Group (CCOI) - This stock on its latest move up that started back on January 5, ran 33%. What I like about CCOI is that it pulled back nice and orderly to its 50% Fibonacci retracement level and then consolidated with a number of doji candles. Then yesterday, it started to show signs of breaking out of this consolidation. Place your stop-loss at 10.40 for this play.
Click Here to See the Rest of My Trading Ideas.
