Trading Ideas for March 11, 2010
The markets are in the negative this morning, but considering where they were late last night, they have managed to recover quite well off of their lows. Of course we have the all-important weekly jobless claims this morning, that will have a huge bearing on where we end up going today and that is due out at 8:30am ET. Also coming out this morning is the International Trade Report at 8:30am, and the not-so-important quarterly services survey at 10am.
As for my current portfolio, I did manage to raise the stop-loss in UGI up to 24.39.
Here are Today's Trading Ideas
Potential Swing Trade (Long): Zion Oil and Gas (ZN) - This stock managed to bottom out back in February, before going on one mean tear throughout the rest of the month and into early March. Since then, it has given back some of its gains on light volume, and the retracement has been back to the Fibonacci 61.8% level. Recommend a stop-loss of 5.42.
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