Today's lazy trade long and short comes as we are finally getting a solid bounce out of this market and likely to push higher throughout the week. The short setup, Lululemon (LULU) looks great, and if I didn't think that this market would rally for the better part of this week, I'd already re-short this stock.
But instead, I'm going to keep LULU in my back pocket to short if this market decides to surprise and reverse lower, then LULU will be the first stock I take on.
ODP looks really good as well as it has a nice box/coiling setup over the past couple of weeks, and as of today, is looking to make a move to the upside by pushing through $2.98.
[UPDATE: Took a long position in ODP at $2.98]
LONG: Office Depot (ODP)
SHORT: Lululemon (LULU)
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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 >>