This market has been nothing but a chop-fest and this definitely favors the bulls should this continue throughout the day. There is a ton of support at the 1120 level on the S&P and you can clearly see the buy machines come on strong every time that level is tested. Once the bears can close below that level though, it should make for a nice windfall to the downside.
Below I’ve provided a few short setups that are at strategic support levels, ready to breakdown, but like I just mentioned, they are going to need the cooperation of the market getting below that stubborn 1120 level.
SHORT: Best Buy (BBY)
SHORT: Biogen Idec (BIIB)
SHORT: Cabot Oil & Gas Corp (COG)
and……
LONG: Medtronic Inc. (MDT)
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Ryan Mallory analyzes one trader's swing trading strategy and whether there are any flaws or issues with his strategy.
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