Trade Ideas for February 16, 2010

Despite a bearish day in the futures market yesterday, when equities markets were closed, today, we have bulls coming back from the three-day weekend being somewhat inspired.

As for the economic reports coming out today, the Empire State manufacturing Survey is due out at 8:30am ET, followed by Treasury International Capital at 9am, and at 1pm you have the Housing Market Index. Nothing really, that has the potential to be earth-shattering.

Currently the futures have the Dow up 36 points, followed by 9.5 on the Nasdaq and 5 points on the S&P.

Hope you all enjoyed your long weekend.

Here are Today’s Trading Ideas…

Potential Swing Trade (Long): Cke Restaurants (CKR) – Recently put in a nice double-bottom, which it rallied hard off of, and then since has pulled back nicely to form a base for what could be its next leg up. My stop-loss on this one is 7.99.

Click Here to See the Rest of My Trading Ideas.

Potential Swing Trade (Short): Cisco (CSCO) – Coming off of a strong earnings report, this stock, is showing signs of bogging down already. Back in January, this stock broke through a critical support level at $23, and has since rallied up, but everything about it tells me, that it is nothing more than a sucker’s rally. Stop-loss on this one is 24.82. A couple of others also worth looking at is AGN and CTL.

Bounce Plays (Long): New York Times (NYT) – This stock has lost a 1/3 of its value and is in a serious hurting right now. The last couple of days, this stock has had a couple of doji candles showing some indecision by the bears to really push this stock lower. If you are going to play the bounce on this one, put a stop-loss at 10.36.

Pullback Opportunities (Short): Hasbro (HAS) – After tearing it up for the past week, the buyers could be getting a little nervous and ready to cash in some of their sick gains over the past week, if that is the case, then there is a definite opportunity to see a pullback of sorts. Ideal stop-loss here would be 36.25.