Quiet morning for me from a trading stand point. A lot of my open positions that had previously been great, are showing some profit-taking but nothing extreme. If the selling in those names pick up, I'll no doubt get stopped out of a few of them as I have fairly tight stops in place already.
I've seen a few new short setups popping up on the radar today, where as in previous days, I wasn't finding much that was appealing to the eyes. But with that said, this pullback that we've seen going on 12 days now, doesn't seem overly threatening to the bulls and has been very orderly and without any sense of panic to it. As a result, I wouldn't be surprised if we saw a bounce in the coming days.
With that said, here is my Lazy Trade long & short for today.
Long: Molycorp (MCP)
SHORT: Lyondellbasell Industries (LYB)
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
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