It’s finally Friday, and overall this has been a pretty good week for me…so far – I was able to make up for some of my losses from this year – which is always a good feeling. I know I sound like a broken record when I say this, but I’m going to be waiting for the market to pullback some before I start initiating any new trades. The market is just too top-heavy to be trying to get long at this point. The two positions that I do have, I am tightening my stop-loss in even further. On BKS I am raising my stop-loss to 21.16 and on UGI I am raising it to 24.86.

There are no news reports due out today, but it is quadruple witching/options expiration day – which can add a lot of volatility on these days. But right now the markets are very quiet trading at break-even.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): Home Inns and Hotels Mgmt (HMIN) – This stock went on a tear during the month of February, and has since pulled back to its 61.8% Fibonacci level, with a bullish engulfing pattern at the support line. Stop-loss here is 30.21.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): Gartner (IT) – After reaching a new high, IT had nice light-volume pullback, that is ideal for entry into this long position. Put your stop-loss at 22.79.

Potential Swing Trade (Long): W.R. Berkley (WRB) – Broke out of the overhead resistance, and made new highs. Has since pulled back some, but on light volume overall. Place the stop-loss 25.55.

 

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