The U.S. stock market was quiet on Friday, with the averages mixed on the day, trading within narrow ranges. The summer doldrums have arrived, as traders will be taking long weekends through Labor Day.
On Friday, our bias was to the short side, but our picks did not result in trades, based on our system. On Monday, the bias still appears to be tilted to the downside, but, after a weekend, that bias tends to be at least partially negated. As a result, it is a good idea to have a few picks for the long side as well as the short side.
Our picks for the long side on Monday are CEDC, XEX, and LEAP. On the short side, if your broker allows you to short them, consider FSLR and DRYS. A way to play the short side of the S&P 500 on Monday is by buying the Exchange Traded Fund (ETF) SDS, the ProShares UltraShort S&P 500 index.
Good Trading!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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