Trade Setups for April 13, 2010

Good morning to you. We got a little bit of a negative bias heading towards the open due to there being a little bit of disappointment in the earnings that Alcoa (AA) posted.

It should be rather quiet this morning, as their is a lack of any significant economic reports; what you have is the ICSC Goldman Store Sales coming out at 7:45am ET, followed by International Trade and the Import and Export Price reports at 8:30am. Finally you have the Redbook coming out at 8:55am.

Still long UUP, but barely, as the dollar continues its slide downward.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): Spectranetics (SPNC) – A beautful chart, with the stock breaking out to new highs and has a lot more room to move still, even higher. Right now this stock sits above a previous resistance level, which provides an excellent entry point. Place your stop at 6.57.

Potential Swing Trade (Short): Symmetricom (SYMM) – A classic head and shoulders pattern, with the neckline of the pattern forming a lower-low. Very bearish setup here – place your stop at 6.41.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): Ebay (EBAY) – Solid breakout play here, and has pulled back to the support that represents the breakout level. This stock looks like it has a lot of upward movement left in it, and this resting point that it is currently at offers an ideal entry point. Place your stop-loss at 25.11.

Potential Swing Trade (Short): Zoll Medical Corp (ZOLL) – After putting in new highs back in January, ZOLL has put in consecutive lower-highs. Ideally though, it needs to break through the 25.38 price level, before it can be considered a true breakdown. However, The upward trend that started in March ’09 has been broken, and has a very bearish profile about it. Place your stop-loss at 28.45.