Another morning of futures trading at break even levels and there isn’t really a lot that is going to change that sentiment between now and the open, as the only report due out is the Wholesale Trade at 10am ET. So without any major news stories, we could see more choppiness just like yesterday.

I have also increased the stop-loss on UGI from 24.12 to to 24.22. Small change I know, but every penny counts.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): PowerShares US Dollar Index (UUP) – After a major run-up, the dollar has managed to consolidate near its highs, giving back very little of its gains. Also worth noting too is the disconnect or non-existent inverse relationship with the general market and the US Dollar. It used to be very bearish when the dollar went up, but now, the two seem to be working nearly independently of each other. Ideal stop-loss here is 23.23.

Click here to See the Rest of My Trading Ideas.

Potential Swing Trade (Long): First American Corp (FAF) – This stock has been in a trading channel since September of last year, and has nicely pulled back to its 50-moving average, where it currently rests on support. Place your stop-loss at 31.44, but also have your target price set at 33.56 – an excellent risk-reward setup.

Potential Swing Trade (Short): Myriad Genetics (MYGN) – In a down trend for over a year now, this stock can’t do anything right. Each rally has been shorted, and this one here is no different. Should the downtrend continue, this stock should easily reach the $19-range if not less. Recommend a stop-loss of 24.05.

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