Trading Ideas for March 16, 2010

Today we got the Fed. I honestly hate this day more than any other. There is nothing that is exciting or new that you should expect from the Fed today, yet the market decides each and every time, to make wild swings in the market indices. I have noticed though, that the impact of the Fed has become less and less over the past few meetings, but nonetheless, the price action is definitely going to be volitile once the statement is released at 2:15pm ET. I will make sure to have the Fed statement post on the website right away - as always.

Also coming out is the ICSC Goldman Store Sales at 7:45am ET, Housing Starts and Import/Export Prices at 8:30am, and Redbook at 8:55 am.

Here are Today's Trading Ideas

Potential Swing Trade (Long): Tesco (TESO): Bouncing off of an intermediate-term trendline dating back to November of last year, this stock has consistently put in higher-lows, but struggled of late with higher highs. Nonetheless, it has the potential for a break,  given that it can bust out of the wedge it is trading it. Place your stop at 12.18.

Potential Swing Trade (Long): Green Plains Renvewable Energy (GPRE) - After making new highs, it did pullback pretty hard, but nonetheless, has managed to consolidate around the 50-day moving average with out violating any major technical parameters along with retracing back to the 61.8% fibonacci level. Place your stop at 12.89.

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