Trade Ideas for March 2, 2010

Another day, and another session filled with bullish-hype heading into the open. Some economic reports overseas, and developing plans to bailout Greece of their debt problems gives the bulls reason to buy once again this morning.

Overall it should be a quiet morning with only ICSC-Goldman Store Sales reporting at 7:45am ET and Redbook at 8:55am.

The charts got extremely bullish after yesterday’s rally, and is causing me to re-think my short strategy at this point. Another significant rally today, will likely cause me to flip out of my short positions. We’ll see what today brings.

Here are Today’s Trading Ideas.

Potential Swing Trade (Long): Coca-Cola (KO) – After acquiring a bottle maker on Thursday, this stock plummeted a few points, and found support at its February lows. There is a large gap to fill, and this stock is ripe for a bounce. Place your stop-loss at 52.49.

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Potential Swing Trade (Long): Ncr Corp (NCR) – This stock has been on a tear since its lows in December, and on its most recent leg-up, has managed to make new highs, and has pulled back to the Fibonacci 50% support level. This stock has a solid trend in place, and would recommend a stop-loss of 12.06. 

Potential Swing Trade (Short): Blackrock Inc. (BLK) – After making new highs in January, this stock fell under its own weight and took a lot of shareholder profits with it. Since its lows in February, the stock has managed to put together a meager rally of sorts on low volume, which appears to me to be very shortable. Ideal stop-loss here is 229.10.

Potential Swing Trade (Short): Myriad Genetics (MYGN) – In a down trend for over a year now, this stock can’t do anything right. Each rally has been shorted, and this one here is no different. Should the downtrend continue, this stock should easily reach the $19-range if not less. Recommend a stop-loss of 24.05.