Trade Setups for March 19, 2010
It's finally Friday, and overall this has been a pretty good week for me...so far - I was able to make up for some of my losses from this year - which is always a good feeling. I know I sound like a broken record when I say this, but I'm going to be waiting for the market to pullback some before I start initiating any new trades. The market is just too top-heavy to be trying to get long at this point. The two positions that I do have, I am tightening my stop-loss in even further. On BKS I am raising my stop-loss to 21.16 and on UGI I am raising it to 24.86.
There are no news reports due out today, but it is quadruple witching/options expiration day - which can add a lot of volatility on these days. But right now the markets are very quiet trading at break-even.
Here are Today's Trading Ideas
Potential Swing Trade (Long): Home Inns and Hotels Mgmt (HMIN) - This stock went on a tear during the month of February, and has since pulled back to its 61.8% Fibonacci level, with a bullish engulfing pattern at the support line. Stop-loss here is 30.21.
Click here to See the Rest of My Trading Ideas.
