Practically this entire week, I've been very hesitant to get long or short anything. I'm still holding Agrium (AGU) as a long trade, but it has yet to really do anything substantial. As it has always been for the past 2-3 years, shorting stocks has a short time-frame for success, so with us already oversold, and the Fed pumping in $80+ billion a month into the market, it is hard to want to be aggressively short.
But the bulls continue to show that they have no desire to hold a day's gains - particularly when you have a gap-up day.
Throw in a Presidential election, and the predictability of this market becomes very difficult.
I'm putting two stocks out there today, that could be trades for me at some point, depending on how this market continues to behave.
The first is Sherwin-Williams (SHW) which has pulled back to an 18-month long-term trend-line which gives a low risk, and more reliable company in a very unpredictable time for the markets.
The second is Pharmacyclics (PCYC) which has a nice Triple-Top to it, followed by a break in a short-term trend-line and bear-flag that it is currently trading in. So there is a lot going in its favor right now too (bearishly speaking).
Long: Sherwin Williams (SHW)
Short: Pharmacyclics (PCYC)
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!