Trade Setups for March 24, 2010

Heading into the market open, futures are bouncing all over the place, and volume is way above average for this early in the morning. I haven’t been able to pinpoint the reason for the unusual volatility that is being seen, but will keep an eye out for it.

As for the economic reports due out this morning, you have Durable Goods Orders at 8:30am ET, New Home Sales at 10am ET, and the EIA Petroleum Status Report at 10:30am ET. The Durable Goods report is the one you will want to pay the most attention to.

Raised the stop-loss in BKS to 21.86 and in UGI the stop-loss remains the same.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): Sigma Designs (SIGM) – After declining since June of last year, this stock appears to have finally put in a bottom, and may be ready to reverse its fortunes. The stock has broken out from a double-bottom formation, and has since had a mini-pullback to the 50-day moving average. This provides for an ideal entry point, and a stop-loss of around 11.05.

Potential Swing Trade (Long): AMR Corp. (AMR) – Another stock that has been on a raging tear with the broader market, quadrupling itself in value in the process. This stock recently made new highs but pulled back enough to provide a solid risk/reward setup. Place your stops at 8.32.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): Stereotaxis (STXS) – After trading in a consolidated range for almost 15 months now, this stock suddenly decided to do something for itself and breakout in a very decisive manner and could be one of those stocks that has the potential to be a double or triple-bagger if the breakout is legit. Place your stop-loss at 4.61.

Potential Swing Trade (Long): Hutchinson Technology (HTCH) – Spent the beginning of the year, in a significant decline, but has used the past couple of months to put in a bottom, and trade sideways. Of late, the stock is putting in higher-highs and higher-lows, and looks to provide a solid trading opportunity at its current price level. Ideal stop-loss is 6.32.