What’s Working Now – Tuesday July 31, 2012 @ 12:40 p.m. EST
This week could be rocky given the amount of economic data lined up for Wednesday including: ADP employment at 8:15 a.m. EST, Markit PMI at 8:58 a.m. EST, ISM and construction spending at 10 a.m. EST followed by the most important FOMC announcement at 2:15 p.m. EST. I believe motor vehicle sales are on the schedule too Wednesday but not sure that time. With all this in mind… less positions and smaller positions with shorter hold times to navigate the waters.
Keep in mind it doesn’t stop on Wednesday, Thursday we have weekly jobless claims and factor orders followed by nonfarm payrolls, unemployment rate and ISM nonmanufacturing Friday i.e. holy cow it could be a volatile week. That’s not to mention anything that could happen in Asia or Europe over night so just be careful out there this week.
Here’s what I’m looking at for potential swing trades today…both from the watch and both still in play.
GLUU – I really like this trade down here but I’m not going to load a bunch of swing trades ahead of the FOMC announcement Wednesday at 2 p.m. EST. I might change my mind so if I do, $4.75 is support swing $5.40.
JOEZ – Also a favorite I think $1.60′s are coming on this stock swing long. A bid around $1.03 is what I’m thinking. Keep in mind it’s a light volume trade but a good light volume trade to consider… I’d compare it to USAT etc…
“Hey J I'm at work so couldn't stop in chat but i owe Luke and you a beer got my first entry on FREE a couple days ago at 1.30 which led to some pain but doubled up at 1.14 bringing my average to about 1.23 sold today at work at 1.46 for +.23 from work thanks too you for teaching scaling and averaging and Luke for mentioning the stock big win for me!!!!!”