This market is making me increasingly nervous, particularly how the dip buyers, late into an existing uptrend on the daily (since November) have suddenly decided to buy every intraday dip that is possible. It tells me that there are a lot of chasers out there, and they are the least likley of people who will profit off of this market. .
So with both of these trade setups, though the charts on each one individually looks solid, you'll need to make sure that if you take one or both of them, that they align also with the general direction of the market too.
LONG: Scripps Networks Interactive (SNI)
SHORT: LG Display (LPL)
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 >>
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