Trading Ideas for March 18, 2010

After a respectable start to the week, the futures are showing the market slightly negative as we head into the open. We have a couple of big reports coming out prior to the open that will be important to pay attention to with the Consumer Price Index being released at 8:30am as well as the weekly Jobless Claims report. Of lesser importance you have the Current Account at 8:30am, followed by Leading Indicators and Philadelphia Fed Survey at 10am. A busy morning, no doubt.

As for the current positions in my portfolio, I have raised my stop-loss in UGI to 24.60 and in BKS I've raised it to 20.61. As noted yesterday, I took half my position off the table in BKS as it reached my initial profit target of 22.31, and walked away with a 11.3% gain and 2R return.  

Here are Today's Trading Ideas

Potential Swing Trade (Long): Mastec (MTZ) - Big rally in February has since seen its shares pullback to the 50% Fibonacci level. Should this price level hold, you are looking at a very nice risk reward setup, with the potential to see multiple R returns. Place your  stop-loss at 12.51.

Click here to See the Rest of My Trading Ideas.