Lazy Trade Long & Short: BEAV & PXP
I took the long-trade in BE Aerospace (BEAV) at $40.75 as I was thrilled to find this gem of a setup with increasing volume levels over the past two days. Expect, once the FOMC statement comes out at 12pm eastern, for there to be increased volatility in the market. Traditionally, the Fed tries to provide incumbent presidents running for re-election with favorable monetary policy, so I figure the edge is likely on the bullish side heading into the announcement.
The posted short has a lot of potential too, but its really hard to get heavily bearish when the market seems so determined to continue its upward push.
Here's the Lazy Trade Long & Short:
LONG: BE Aerospace (BEAV)
Plains Exploration & Production (PXP)