Lazy Swing Trades Long & Short: SHW & PCYC
Look for Low Risk Swing-Trading Opportunities
Practically this entire week, I've been very hesitant to get long or short anything. I'm still holding Agrium (AGU) as a long trade, but it has yet to really do anything substantial. As it has always been for the past 2-3 years, shorting stocks has a short time-frame for success, so with us already oversold, and the Fed pumping in $80+ billion a month into the market, it is hard to want to be aggressively short.
But the bulls continue to show that they have no desire to hold a day's gains - particularly when you have a gap-up day.
Throw in a Presidential election, and the predictability of this market becomes very difficult.
Here's today's swing-trades:
I'm putting two stocks out there today, that could be trades for me at some point, depending on how this market continues to behave.
The first is Sherwin-Williams (SHW) which has pulled back to an 18-month long-term trend-line which gives a low risk, and more reliable company in a very unpredictable time for the markets.
The second is Pharmacyclics (PCYC) which has a nice Triple-Top to it, followed by a break in a short-term trend-line and bear-flag that it is currently trading in. So there is a lot going in its favor right now too (bearishly speaking).
Long: Sherwin Williams (SHW)
Short: Pharmacyclics (PCYC)