Trade Ideas for February 4, 2010

The bulls look like they are showing some nervous jitters, as futures and overseas markets are down quite a bit. I wouldn’t be surprised to see today’s trading appear to be schizophrenic with the monthly employment number coming out tomorrow. For today though, you have ;the Jobless Claims coming out at 8:30am, which always plays a significant role in the direction of the market each Thursday, followed by the Productivity and Costs at the same time also.

Currently the futures are in negative territory with the Dow down 52 points, followed by the Nasdaq at 9 points, and the S&P at 7 points down.

Here are Today’s Trading Ideas…

Potential Swing Trade (Long): Greatbatch Inc (GB) – Has shown signs over the past couple of months that it has finally bottomed, and not only that, but has put in three successive higher-lows and higher-highs. After a significant short-term run up, GB has pulled back to the 50-day moving average and the overall trend line. Stop-Loss at 19.31.

Click Here to See the Rest of My Trading Ideas.

Potential Swing Trade (Short): Public Storage (PSA) – here is a head and shoulders pattern that can be spotted from over a mile away. When the right market conditions present themselves to me, this is going to be one of the first stocks that I short. My stop-loss on this one will be at 83.60.

Bounce Plays: Qualcomm (QCOM) – No doubt one of the biggest losers of the earnings season, QCOM is trying to base at its recent lows, and now looks like you could get a nice upside move, just out of sympathy for the pounding it has taken of late. Place you stop-loss at 38.27.

Pullback Opportunities: Sherwin-Williams (SHW) – Huge gap up, followed by what looks to me to be an exasperation rally/gap. Yesterday, the stock show signs of SHW finally weakening, and could be a nice play to short as it pullsback and gives up some of its gains. Put your stop-loss in at 65.75.