New Watchlist Setups for Wednesday 2/10
Posted by lasertrader on February 10, 2010
The markets moved up nicely and it looks like we may have some follow through. There are some important levels and a concern to watch that are discussed in the Big Picture here . None of the previous setups on the Trade Setup list triggered yesterday showing just how choppy this market is and the lack of conviction. The high beta trading favorites have been moving several points and have made for some very good day trading conditions. The problem is that they move up 3 or 4 points and then quickly give it all back up. This is not a swing market right now and we see it in the setups not triggering. I see too many traders pushing the setups too tight and getting stopped out within an hour or so. As hard as it is, we need to be patient here.
There are some nice shorts on the Trade Setup list already, so today I am adding a few long ssetups so I have ample opportunity whichever direction the market chooses to start a longer term trend in.
TPX long over 27.60
CREE long over 60.90
BWLD long over 47.90
Good luck today and be prepared for anything.