Trading Ideas for March 12, 2010

Happy Friday to you – things are looking on the up and up this morning, as futures seem to showing a bit of a bullish bias heading into the open. On the economic front we have Retail Sales at 8:30am ET, followed by Consumer Sentiment at 9:55am and finally Business Inventories at 10am. Tim Geithner will be speaking before the U.S. Export-Import Bank at their annual conference today at around 12pm – so we’ll see if he is able to say anything that will affect the markets for better or worse.

Here are Today’s Trading Ideas

Potential Swing Trade (Long): Hms Holdings (HMSY) – This stock has no doubt pulled back hard since its highs made at the the start of the new year. But despite the swiftness of the initial fallout among shareholders, HMSY has nonetheless managed to put in a nice base since, and of late has started showing some renewed upward momentum. This stock needs to breakthrough its 50-day moving average as well as major price support at 47.30. Place your stop-loss at 43.19

Potential Swing Trade (Long): Zion Oil and Gas (ZN) – This stock managed to bottom out back in February, before going on one mean tear throughout the rest of the month and into early March. Since then, it has given back some of its gains on light volume, and the retracement has been back to the Fibonacci 61.8% level. Recommend a stop-loss of 5.42.

Potential Swing Trade (Long): Costco Wholesale (COST) – Made new highs this month, and has give back some of its recent gains since. The stock is currently looking at putting in a new higher-low, by bouncing off of the 50-day moving average, and moving higher as a result. Place the stop at 58.39.

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Potential Swing Trade (Long): Borg Warner (BWA) – Made new highs earlier this month and has maintained its upward trend quite nicely despite the recent pullback. Over the past few months it has found support at its upward sloping 50-day moving average and that is currently where it finds itself at today. Also worth noting is that it put in a very bullish hammer and should provide a solid trade setup. Recommended stop-loss is 35.48

Potential Swing Trade (Long): Henry Schein (HSIC) – Another nice up-trending stock, which also made new highs, but has since pulled back to its upward trendline that coincides with the 50-day moving average. Stop-loss should be set at 54.59.