After last week's bearish finish, I find myself heavily in cash, butstill holding a few small positions. Day trading / scalping / and shortterm swings are my gig, so I approach the market with a 'what can youdo for me now' mentality.
On Wednesday, we saw a spike in the DOW up over 9900 as bulls beggedfor the psychologically beneficial 10000 mark. However, like manynights I spent hitting on ladies in dark smoky bars, the bulls wereslapped down and told to take a seat somewhere else.
Bullish or bearish Monday? I won't dare try to predict. I would muchrather get ready for what the market gives me and play accordingly.
First things, first... what's on the economic calendar that couldpunish or boost the overall market sentiment? From the trusty Bloomberg Calendar,I see quite a few reports that could rattle some cages. The big nastybeing Consumer Confidence at 10AM ET on Tuesday. The other monsternumber will come out of the GDP and Chicago PMI reports on Wednesday.All of these reports are in the morning and as a trader of veryvolatile securities, I will likely be very heavily positioned in cashMonday and Tuesday nights. As the reports release, I'll take what I'mgiven.
Ok, enough about the calendar -let's talk about Monday setups.Here are a few stocks I'm eyeballing Monday:
- ARIA - fairly oversold and now sitting on MA50 support.
- INO - Another stock that's been hit hard lately sitting on support. Could fall through the gap or find some stability here for swing long.
- TTEK may have found some love on MA200.
- ONTY - Watching trendline support. Possible swing long.
- AOB - Sitting on horizontal support.
- SCLN may have found some support on $4.00
- CYTR - Watching for move above 1.21.
- PTN - bottom of channel, possible long swing.
- GSAT sitting on .79 support with very tight bollinger bands. could go either direction.
- CMZ - nice bounce off MA50 on Friday with volume.
- NVD - Watching against horizontal resistance at .28 with improving volume. Happy trading tomorrow - careful, the bears are gaining some confidence.
