Trade Setups for May 28, 2010
For the first time in a while, there has been little overnight activity and as a result the markets are trading flat heading into the open. Expect volume to be light today as Wall Street will likely start packing it up and heading on out to their vacation spots in the Hamptons.
On the economic front, we got a number of important news pieces coming out beginning with the Personal Income and Outlays at 8:30am ET, followed by Chicago PMI at 9:45am, and then Consumer Sentiment at 9:55am. The bulls ignored two major economic reports yesterday that missed expectations, so it will be interesting if that trend continues where all news is good news.
Nonetheless, enjoy your day and your holiday. If you shorted the market this month, then you probably managed to have a pretty successful month overall. If you were long for most of this month, then Memorial Day weekend couldn't come sooner!
Here's Today's Trade Setups...
LONG: Administaff (ASF)
SHORT: Reynolds American (RAI)