After the Durable Goods report came out that was absolutely horrible (0.3% actual vs. 2.5 expected!), futures have seen another move down, with the S&P almost taking out the critical 1040 level. So the Head and Shoulders pattern support level is definitely in play for today. If the New Home Sales report comes out below expectations, then things could definitely get crazy today. Stay Tuned.
As for today’s setups, you know I am not really crazy right now about any stock that requires you to buy it first (i.e. go long). But I do try to find setups each day for you. In fact, finding descent sell-offs on either side of the trade, with the amount of selling that we have already seen in this market. Thus, the reason, why I won’t be adding anything new to the portfolio today.
LONG:Nova Measuring Instruments (NVMI)
SHORT: Grand Canyon Education (LOPE)
