We're finally seeing some weakness out of this market as we have pulled nicely off of the day's highs and into the red. But the constant theme of this market so far in 2012 is the seemingly endless bid underneath this market. We haven't seen it kick in yet today, but one can't discount that still happening. We also have a lot of potential news catalysts in the form of the FOMC Statement on Wednesday as well as the GDP report on Friday.
With that said, take a look at the setups below. You have 2 1/2 longs and 1 1/2 shorts (you'll see what I mean). All of them provide tight stop-losses to prevent any major damage should the market go against you, while offering quite a bit of reward should the market confirm your market predisposition.
LONG: InterOil (IOC)
SHORT: Starbucks (SBUX)
LONG: SPDR KBW Regional Banking (KRE)
SHORT/LONG: Bristol Myers Squibb (BMY)
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