Hey Slopers, this is my first post on Slope of Hope, and I hope to be able to bring you plenty more in the future.
I want to keep my post short and sweet and just share a couple tradeable ideas. I don't have a crystal glass on where the markets are going to head to next, so I thought I would share one long and one short that could turn into an actionable idea depending on which way the market breaks.
Long: Baidu.com (BIDU)
The daily on Baidu is a thing of beauty considering what the market has done in the past week. However I think you can let this one come in a little bit before buying it and then use the $134 area as a point of reference for a stop. I also like to mix fundamentals with the technicals in my analysis, so it's good to see that the longer term fundamentals of Baidu also look promising.
Short: Edwards Life Sciences (EW)
Looking at Edwards Life Sciences daily chart, you can see a lot of high volume distribution spikes over the past year of consolidation. Just in January the stock gapped higher for a what looked to be a breakout and immediately failed. This is a classic sign of a weak stock, and it now looks like it is on its way towards filling its gap at around $59.70.
Keep these stocks on your watchlists for potential trade ideas and remember, trade your plan and always use stops. Thanks!
