Trade Setups for May 11, 2010
The markets are open, and once again we have a change in tone from the day prior. So far, it appears that the bears used yesterday's rally to jump back into their short positions. All eyes will once again, be on the economic conditions surrounding Europe and whether they will be able to pull themselves out of the myriad of problems they are facing.
As for me, I am short the SPDR S&P 500 (SPY) and National Instruments (NATI). I will be looking to add another couple of short positions possibly at some point during the trading day.
Like always, below you will find a long setup and a short setup for you to take advantage of, depending on whether you are bullish or bearish on this market.
So have at it!
Here are Today's Trade Setups...
SHORT: Procter & Gamble (PG)
LONG: Smith Micro Systems (SMSI)