Trade Setups for June 3, 2010
So far, the market is trying to hold on to their gains from yesterday, and maybe build on them going forward. I would love to see another 20-30 points added to the S&P. As I have been saying all along, I ultimately plan to short any rally that this market ends up putting together. So the higher the bulls want to bounce this market in the near-term, the better.
All eyes will be on the jobless claims this morning, which comes out at 8:30am EST. It will serve as a prelude to the the unemployment number that comes out at the same time tomorrow. In fact I expect trading volume to be somewhat light today ahead of that number. Other reports to watch for is the ADP Employment Report at 8:15am, Productivity and Costs at 8:30am, and Factory orders as well as ISM Non-Manufacturing Index at 10am. A very busy morning considering the number of reports to be released.
Yesterday, I had a few trades on the SPDRs S&P (SPY), scalping small price moves. Three trades in all with one of them being a loss. Overall though, I was profitable, as the loss only amounted to a quarter of the total profits that was made.
Here are Today's Trade Setups...
LONG: ProShares UltraShort FTSE/Xinhua China 25 (FXP)SHORT: Compuware Corp. (CPWR)