Long swing-trading setups that I current have on my watch-list
With all this fiscal cliff discussions hitting the market like we saw yesterday with Harry Reid’s blathering, this market is becoming difficult to get a grasp on. I’m taking gains quickly for the most part and just not willing to risk momentary profits of 3-4% on most of my trades.
I figure you can expect a lot of back and forth to take place between both sides, and while they may think they are scoring political points they are doing more harm to the financial markets that can’t figure out what we can expect once January 2013 rolls around.
At the moment I see a ton of great short setups that I would like to take as well as a number of great long setups. However, when the market is chopping around like this, it’s ok to take on a position here and there, but to load up to the gills can be hard on the portfolio when the market doesn’t seem able to figure out whether it wants to break through that resistance at 1410 or not.
The top swing-trades on the watch-list are:
A few of the stocks that I really like on the right hand side here is China DangDang (DANG) which has broken a long-term downward trend-line and consolidated just above it. My initial thoughts are to make this a day-trade, but the price action may warrant an overnight position in this particular stock. It’s just that risk increases exponentially when doing it with a stock like DANG.
The other stock that seems very favorable to me is Jefferies Group (JEF) at $16.16. There is a lot of support at the 8-day exponential moving average at the moment, and that should carry on as it moves higher.
Right behind them are Array Biopharma (ARRY) and Dick’s Sporting Goods (DKS).