Going into options expiration Friday I tend to not put on new swings and just trade intraday as many stocks tend to not follow through as they get pegged to a certain strike price. The only caveat is that there seem to be many nice long setups for today and I will be watching them closely. Some of the leaders that have been beaten down now look like they are in a position to move up again and this may fuel a new push up. The financials and stocks like AAPL all look like they are ready to run.
No charts today but the following setups should be obvious if you bring up the daily charts…
One sector of interest to me today are the casino stocks. WYNN and LVS are poised to make another break to the upside. What has my attention pointed there is a specific mention in yesterday’s Fed Beige Book that traffic to Las Vegas has shown an increase. I will be looking to trade these intraday.
AMZN is in a position to make a nice bounce for you pullback traders, especially of the reaction to today’s retail numbers is favorable.
I traded my LZ trigger yesterday and that stock, although not a big momentum stock, looks like its set for a follow through to the upside.
XLF looks nice to the long side. A previous favorite JOYG is moving up nicely and looks to push higher. And, finally CAT has held the breakout of the pattern and looks like it may resume its march to the upside.
Always visit the Big Picture page of the blog for an update on the market in general.
Those are some ideas for today…Have a good trading day!