I’ve made four new trades today – two longs and two shorts. Only one of the long positions will I try to hold over the weekend.
I’m pleased with the market action so far today – the bounce from the past two days went right into resistance and it seems like…at least for now…the bulls can’t but through those strongholds.
For each of the trade setups below I’ve got my stop-loss and Target prices detailed.
LONG: Speadtrum Communications (SPRD) – I’ve been eye balling this one for a while now – and it finally broke out – a swing trade that I’d like to hold over the weekend. Broke through significant resistance today.
LONG: Cheniere Energy (LNG) – Broke out earlier this morning before pulling back. I’ll only day-trade this one. I got in at $16.79. Great looking setup overall.
SHORT: Hot Topic (HOTT) – Bounced into resistance today on no news. I’m looking for the bulls to take profits and send it back lower and continue the downtrend.
SHORT: Dow Chemical (DOW) – Like HOTT it ran right into resistance. Got in at $33.47 and looking for a push below $31.
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