Lazy Trade Long & Short: SIG & DTG
I haven't added any new positions to the portfolio yet this morning, but instead I want to watch the market action into the afternoon session and see whether the turnaround we saw yesterday afternoon goes ignored and the market pushes lower again today. If that happens, I'll add a new short position to the portfolio (for a total of 3 short positions) to hedge my long positions in which there is a total of 6.
If we are to rally higher then I'll likely add one additional stock to the portfolio as well as close out the BRO short that I have.
Below you'll find today's lazy trades. The double top in DTG is my top candidate to add short if we push lower today. The SIG setup is breaking out of a long-term triangle pattern that should work well for the bulls.
Here's today's Lazy Trades:
LONG: Signet Jewelers (SIG)
SHORT: Dollar Thrifty Group (DTG)