While the market appeared to be satisfied with trading sideways, we've obviously changed course and the market is stroking the fears of Wall Street once again. I've added only one position on the day to my portfolio, which was a long in Philips (PHG) at $25.41.
I'm watching NamTai Electronics (NTE) with a very close eye, and while it has give up its day's gains, I'm still watching it closely should it reverse and move to above $14.10 and out of the bull-flag pattern it is holding itself in, within the next day or two.
On the short side, E-Trade (ETFC) has rallied nicely in the last 3 days, but it has gone straight into declining resistance, which offers and excellent trading opportunity, particularly with the market pulling back after the Uncle Benny's therapy session. Ideal stop loss for ETFC is $8.44, and entry as close to $8.15 as possible.
Here's the trade setups for today's swing-trade strategies.
Long: Nam Tai Electronics (NTE)
Short: E-Trade (ETFC)
Make sure to check out more of Ryan's swing-trading setups at SharePlanner.com
