Trade Setups for May 24, 2010
These bears are relentless! I was very close to pulling the trigger on SPDRs S&P 500 (SPY) on Friday afternoon, in order to play the bounce, but good thing I didn't because based on how the futures are performing right now, it would have been a big discouraging for me this morning. Nevertheless, I am completely in cash, and outside a possible few scalp trades here and there, I don't expect to be a participant today in the market.
It should be relatively quiet on the planned-report front (new term for me these days since, governments worldwide seem to have a myriad of unexpected reports daily being released) as the only report scheduled is the Existing Home Sales at 10am EST.
Here are Today's Trade Setups...
LONG: Yamana Gold (AUY)SHORT: Health Net (HNT)