Needing A Good Dose Of Volatility
After experiencing one of the most pathetic
post-FOMC meeting trading sessions, I am sorely in the need of a good dose of
volatility hitting this market. When will it come? Good question, but more than
likely when we least expect it. The upside is that if you are flexible, you can
extend your time frame a bit and find decent setups there.
I am encouraged by the daily chart of the S&P futures.
Technically it looks great, and a successful close above not only the 1176.20
level, but the 1178 level, will be the trigger for me to establish some long
positions, or perhaps add to a couple which I just established. The list of
reasonable candidates is found below:
Office Depot
(
ODP |
Quote |
Chart |
News |
PowerRating)
Biosite Diagnostics
(
BSTE |
Quote |
Chart |
News |
PowerRating)
Ecolab
(
ECL |
Quote |
Chart |
News |
PowerRating)
St. Jude Medical
(
STJ |
Quote |
Chart |
News |
PowerRating)
Other than these stocks, and my vigil for some sorely needed volatility,
there is not a whole lot else to share with you. Stay flexible and keep your
powder dry.
*A lowered expectation on Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
by a major brokerage may be a catalyst for some good price action. On
Monday I pointed out some of the reasons I was interested in establishing a
short in this stock at some point. That time may be drawing near.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 1205 | 1566 |
| 1194.46 | 1551 |
| 1188 | 1540-44 |
| 1176-78 (key resistance) | 1523-25 |
| 1172 | 1514 |
| 1165 | 1504 (key resistance) |
| 1158-60 | 1485 |
| 1154 | 1473 |
| 1143 | 1460 |
| 1137 (key support) | 1436 |
With just over a month to go before the launch of Single
Stock Futures (SSFs), I will be starting a four-part series beginning
on March 22, the first part of which will address the following:
Section 1: Why I will be trading SSFs.
The introduction of SSFs will be a very exciting time for traders. They will
not only offer a new avenue for traders, but more importantly, offer a nice
complement to what many traders, including myself, already do.
As always, feel free to send me your comments and
questions. See you in TradersWire.