Lazy Trade Long & Short: PWER & SONC
I've been watching Sonic (SONC) and I've gotta say, there are few short setups that I like better than this one - that descending triangle that has formed is picture perfect, and I'm taking it short at $9.74. The Power-One (PWER) trade also looks inviting from a momentum stand-point, but right now, i'm more interested in waiting for the FOMC statement to pass first before jumping in long on it (if the setup still works at that point).
The SPX looks more like another day of chop - once the FOMC statement rolls around watch to see whether we can take out the day's highs or lows. If we sell-off, I'd avoid any new long positions.
Here's the Lazy Trades:
LONG: Power-One (PWER)
SHORT: Sonic (SONC)