Trade Ideas for March 1, 2010

Amazing how much mileage the bulls have gotten out of the Greece Bailout rumors that have been floating around over the past month. Today is no different, as once again, new scenarios concerning the Greek debt problems and the actions being considered by European nations has the futures off to another descent start.

On the economic front you have Personal Income and Outlays at 8:30am ET, followed by the ISM Manufacturing Index at 10am, as well as Construction Spending at the same time. This week will be trading with one eye on the employment number that is due out Friday. Last month the number unexpectedly dropped to 9.7%. Whether that can hold this time around is unknown.

Despite my recent string of unsuccess shorting this market, I am to going to nonetheless, remain vigilient shorting, until my analysis of the market (i.e. my trading system) dictates that a new uptrend has been created off of the February lows. But I have to admit, shorting this market of late, has not been the most joyous of occasions.

Here are Today’s Trading Ideas.

Potential Swing Trade (Long): Ausilium Pharmaceuticals (AUXL) – In early February this stock gapped up from its lows of $28 for a 18% tear. Since then, it has left a huge hole in the charts left to be filled. Recently it has flirted with trying to fill that gap, but has resisted to this point. You could technically play this either way, Long or Short, but if you are to play it long, I would recommend a stop-loss of 28.89.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): MGM Mirage (MGM) – After a nice, almost 50% runup, starting back in December and peaking in January, this stock has been on a steady decline, however, it seems to have found some support at its February lows, and from a Fibonacci standpoint, the stock has managed to retrace to its 61.8% level, allowing for a descent risk/reward setup with a stop at 10.07.

Potential Swing Trade (Short): Hain Celestial Group (HAIN) – Since its double-top that formed from Sept – December, this stock has been on a perpetual downturn, making a series of lower-highs and lower lows. Its most recent rally is a great shorting opportunity with a stop-loss at 16.40.

Potential Swing Trade (Short): Blackboard (BBBB) – Heavy volume accompanied this stock on its major sell-off that started back in January. There has been on a minor rally of late on very low volume, followed by two doji stars on higher volume. This stock appears like it could be prime for another leg-down. Stop-loss at 41.41.