Very similar to yesterday, the futures are down heading into the open and as predictable as the sun rising each morning is the bulls and their unrelenting desire to buy every morning dip they can get their hands on. Eventually that game is going to run its course, and the market will pullback to a more reasonable valuation for the market as a whole.

Heading into the open, you have the MBA Purchase Applications at 7am ET, followed by an EIA Petroleum Status Report at 10:30am. All eyes will be on Ben Bernanke who speaks at 1:30pm at the Dallas Regional Chamber.

Still continue to be long on (UUP) , and I am back in the green on the position as the ETF has rallied nicely over the past two days.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): Biogen Idec (BIIB) – On a very nice tear of late, and broke through critical support levels, and has since retraced to put the stock in oversold conditions. Place your stop at 56.69.

Potential Swing Trade (Long): Continental Airlines (CAL) – Great stock to buy right now as it has broken through huge levels of resistance and nicely pulled back to the January highs. Place your stop-loss at 20.49.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): AMR Corp (AMR) – The stock is currently trading back at its 50-day moving average and will look to keep the longterm trend that started last year. Place the stop-loss at 8.32

Potential Swing Trade (Long): Devry Inc. (DV) – The stock has broken out to new highs and is in the process of pulling back to much more feasible entry prices. Place your stop at  63.90

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