Trade Ideas for March 5, 2010

I’m surprised to see the futures shooting up this morning, as I had somewhat expected it to be relatively flat heading into the 8:30am ET unemployment number. Based on how the market has acted of late, if the number doesn’t disappoint, then you could see a major move today to the upside. Heck, if it fails to meet expectations, you could possibly see the market rally still, rationalizing a bad economy means low interest rates, which equals weaker dollar. Therefore the bulls would party in that manner also.

These days the bulls get to have their cake and eat it too!

There really isn’t any other reports due out that carry any significance to them, so all eyes will be on the state of our jobs market this morning.

As for myself, I will look to exit my remaining short positions if the market does indeed rally, and look to even possibly add a few long positions to the portfolio.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): First Midwest Bancorp (FMBI) – This stock has managed to put in consistent higher-highs and higher-lows, and despite its recent pullback, has found support at the February lows, while also forming a nice bullish harami candle pattern. Recommended stop-loss is 12.32.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): Brigham Exploration (BEXP) – Approaching its all-time highs, BEXP has been unbelievable since its bottom in July of 2009. If it can breakthrough its all-time highs at 18.25, we could see another surge higher in this stock. The last couple of days this stock has pulled back, giving you somewhat of a buying opportunity. Recommended stop-loss is 14.95.

Potential Swing Trade (Short): C’mon, Do you really want to be short this market? Trust me, from someone who knows!