I am going to get to the point real quick this morning as I am wanting to spend as much time looking at charts and pouring over my watch-lists prior to the market open today.

At 7am the MBA Purchase Applications come out, followed by International Trade at 8:30am. Ben Bernanke will also be speaking at 10am ET as he testifies before the House Financial Services Committee.

Currently futures show the Dow up 25 points, the Nasdaq up 4.25 points, and the S&P up 3 points.

Here are Today’s Trading Ideas…

Potential Swing Trade (Long): Astoria Financial (AF) – Very clean chart, and a solid trend that has been established since October. No technical damage has been done to this chart despite the events taking place in the broader markets. Place your stop-loss at 11.65.

Click Here to See the Rest of My Trading Ideas.

Potential Swing Trade (Short):  Gap Inc (GPS) – On a downtrend since October last year, this stock has perpetually gone down. Recently it has managed to rally more than a point off its lows. I’ll be looking to initiate a position in GPS after the first hour of trading, with a stop-loss at 20.50.

Bounce Plays (Long): Yum! Brands (YUM) – hit strategic lows that offer a major level of support. Had a good recovery yesterday bouncing off of those lows – ideal stop-loss here is 32.19.

Pullback Opportunities (Short): None today 🙁

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