Trade Setups for June 7, 2010
US Futures are doing much better than they were at about 10pm last night, when the S&P was looking at losses of almost 15 points to the downside. But since then it has spent much of its time rallying, and now we are looking at a breakeven open. Overseas markets are all looking problematic today, especially in Asia, where there are losses in the range of 2-4% - most likely in response to the US Sell-Off on Friday.
For me, I will be looking to jump back in to the short-side of the trade, committing as much as 50% of my capital at some point today. That means, I will be steering away from the scalping of the SPDRs (SPY) and focusing instead towards establishing multi-day positions.
Nothing major planned in terms of economic reports today.
Here are Today's Trades...
SHORT: Urban Outfitters (URBN)
SHORT: Jinpan Intl (JST)