It’s the start of a new month, and hopefully it doesn’t bring more of the type of selling that we saw last week. Many people like to use the old cliche, “Sell in May – Go Away” sometimes it is true – other times it is not. Whether this idea holds water will be tested very early on though. If you believe this market is moving higher this is definitely a buying opportunity – if you think this market is going lower, then tread carefully, as there have been numerous times in the past year where this looked as so, and nothing came about it.
Sunday evening the futures were showing a slight positive bias, but anything can happen between now and the market open.
To start the day, we have Personal Income and Outlays at 8:30am ET, followed by the ISM Manufacturing Index at 10am as well as Construction Spending. The big news piece will come Friday with the Unemployment Number.
I added a couple of new positions on Friday, FNSR and TIE, which took a beating following the afternoon market sell-off. I’ll definitely need a rally on Monday if I want my stops to stay intact.
Here are Today’s Trade Setups…
SHORT: Zep Inc. (ZEP)
Click Here to See My Other Trade Setup.
LONG: BE Aerospace (BEAV)
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