My approach to today's market is to look to remove some of my long positions from the portfolio before day's end, as I'm a bit pessimistic on the extent of the bounce that we will get out of this market beyond this week. In fact it goes along perfectly with the market simply trying to torch the bears for systematically getting in the market once we broke 1430 on Friday.
Support is also coming in the form of the 50-day moving average too - having tested and held the MA two days in a row.
I did short ILIMN earlier today for close to 5% gain and even left some on the table after getting out of the position.
For today's lazy trades, Arch Coal (ACI) has formed a great looking bottom, just like its counterpart Peabody (BTU). The fact we are seeing similar setups across the coal industry adds weight to the individual setup in ACI.
Short position in GCA comes after a year-long uptrend getting broken, and ready to move as low as the $6.20's.
Here's today's Lazy Trades:
LONG: Arch Coal (ACI)
SHORT: Global Cash Access (GCA)
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. More >>
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!