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Trade Setups for Wednesday



February 09, 2011 – Comments (0) | RELATED TICKERS: BBT , GRMN , WYNN

Lots of action in after hours trading with The Street frowning upon the Cisco (CSCO) earnings. Depending on how the market ultimately responds, I have for you below a few setups to chew on. 

Garmin Ltd (GRMN) - Broke out nicely above $32, and for the first time appears to be holding this critical support level. As a swing trade, this stock could see a $2-3 pop, if this market doesn't sell-off in the process. 

Wynn Resorts (WYNN) - Failed to maintain the breakout level yesterday, but stands to make a second attempt at it tomorrow. 

Green Plains Renewable Energy (GPRE) - Hasn't done much of late, but if it can push through the $11.90 level, could see a lot of upside. 

Thompson Creek Metals (TC) - Double top formed back in Dec/Jan and looks to move further down once it breaks support at $13.30. 

Travelzoo - (TZOO) - Show a lot of respect to this stock if you are going to short it - it can move against you pretty fast - but it is currently facing resistance with the 50-day MA sitting right above the price. Also resistance from the double top's lows. 

BB&T (BBT) - Not sure if this one is ready to be shorted or not, but the candle it put in today was very bearish, and I will be curious to see what kind of follow through we get tomorrow. Could be seeing a top in this one.

Here are the charts

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