Trade Ideas for February 8, 2010

As the NFL football season is now over (always a very sad day for me), our season is still in the early stages on Wall Street with a solid eleven months to go, and then we have our own off-season which lasts all of a couple of days. I definitely enjoyed the game last night, and was hoping that Peyton would get his second Super Bowl ring, but unfortunately, that wasn't in the cards for him.

Today we are seeing the market act a little wishy-washy, up strong overnight, but given back almost all of its gains in the early going. Today is going to be a quiet one from a news-maker standpoint. We have nobody testifying, no economic reports, no-nothing coming out today. While you have a handful of companies reporting earnings this morning, there aren't any that will affect market direction .

Currently the futures have the Dow trading flat, as well as the S&P, while the Nasdaq is trading at 1.5 points down. Of late, Mondays have been the go-to day for bulls of late, rallying nearly every time on first day of each week.

Here are Today's Trading Ideas...

Potential Swing Trade (Long): Suntrust Banks Inc. (STI) - Late last month, STI managed to breakout of the range it had been trading in since early August and on to new highs. While it has given up some of its gains lately due to market weakness, STI did so in an orderly fashion. Volume has also been picking up in STI of late which further strengthens the bullish argument of this play (assuming the market can at least cooperate somewhat). I would place my stop at 20.59.

Click Here to See the Rest of My Trading Ideas.