Today I have yet to make a single trade. Not because I'm not a willing to participate, but because when the market gaps down like it did today, from a swing-trading stand point, it makes it very difficult to get short the market without chasing the market, and with confirming bearish patterns on the SPX confirming at this point (who knows what the close will bring) I'm not really all that crazy about getting long on anything.
So for now my inclination is to the short-side as i have been for the past week or two. And wait for the tight risk setups that will let me know fairly quickly whether I'll be right or wrong on the trade. SODA setup posted below is my most likely trade I could make today.
LONG: Georgia Gulf Corp (GGC)
SHORT: SodaStream Intl (SODA)
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!