Trade Setups for June 2, 2010

by Ryan Mallory

Overnight, the overseas markets managed not to capitulate and as a result, the futures, heading into the open, are trading in positive territory. We have a few economic reports that could shake things up a bit with ICSC-Goldman Store Sales at 7:45am ET, followed by Redbook at 8:55am and then Pending Home Sales at 10am - the latter of which will hold the biggest sway over the market.

As for my trading right now...Still Cash, Still Scalping Intraday, Still waiting impatiently for a sizable bounce to start shorting off of.

Here are Today's Trade Setups...

SHORT: Oclaro (OCLR)

Here's Today's Long Setup.

LONG: Encore Capital Group (ECPG)