Welcome to a month of new trading, hoping that it is as kind to me as May was. However, markets across the world don't seem to be too welcoming of the new month as futures are showing some sharp declines heading into the open. Be careful of market reversals at this point in time - we are prime for them, and have seen them already in the past few days - so be on guard for that. As always, the beginning of the month is filled with lots of economic reports, followed by the biggest one that comes this Friday in the unemployment number.
Its hard enough these days to find a stock that isn't technically ruined from a bullish perspective, much less one that has a bullish edge to it. The short setups abound in plenty (I'll aim to get a few additional charts out to you today outside of these morning setups) and seem to have just tons of solid setups. However, the market doesn't quite seem ready for the taking, as I expect it to rally some in the coming days, which will then give me my opportunity to jump back on the short bandwagon, Gary Coleman style - that was a "low-blow"!
Today, we have ISM Manufacturing Index at 10am EST, as well as Construction Spending.
Here's Today's Trade Setups...
LONG: Matrix Service (MTRX)
SHORT: OSI Systems (OSIS)