Trade Ideas for February 12, 2010
Good Morning! We're at the end of the trading week, with a 3-day weekend coming up as the markets will be closed for President's day. Heading into the open however, things are looking quite bearish as the Chinese has taken action to tighten credit, which I have to say, is a smart idea on their part. There's a lot more that I could say about that, but will only lead me to getting overly infuriated with our government's money management skills, etc. So I won't. I do however, expect to add a couple of more short positions to my portfolio today. I'll keep you posted as to what they are. As always you can always see what is in my portfolio currently by using the drop down menus on the bottom right of my site.
There will be a lot of reports coming out today with Retail Sales at 8:30am ET, followed by Consumer Sentiment (9:55am), and Business Inventories (10am).
Currently, the futures have the Dow trading down 63 points, followed by the Nasdaq which is down 13 points, and teh S&P down 7.5 points.
Here are Today's Trading Ideas...
Potential Swing Trade (Long): Global Cash Access Holdings (GCA) - A nice pattern of higher-lows and higher highs in place since October of last year. Recently pulled back after making a new on the trend, and did so in a nice and order fashion. Should the market continue to rally, this could be an ideal setup. Place your stop at 7.35.
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