Trade Ideas for February 23, 2010

If yesterday's two-point decline in the S&P got you excited, then you'll really love the fact that heading into the open we are currently in the red. That's right, the bulls are suddenly not so optimistic in their usual way. What does all this mean? It probably means we drop 5% right at the open, only to see the market rebound in the last five minutes of the trading session and finish the day up 3%. Okay, so I am definitely exaggerating here, but you get the point, despite the sarcasm that abounds in my writing (not only that, but its 5am and sometimes I don't find myself in the most "chipper" of moods at that time).

On the economic front, our favorite Uncle Ben will be taking the day off, but will be speaking again on Wednesday and Thursday. But as for today, we will get the ICSC-Goldman Store Sales at 7:45am ET, followed by Redbook at 8:55am, S&P Case-Shiller Home Price Index at 9am, and finally Consumer Confidence and State Street Investor Confidence Index both coming out at 10am. So there is lots to sift through, but the obvious report that will have everyone's attention will be the Consumer Confidence report.

Currently, Futures are showing the Dow down 24 points, the Nadaq down 7 and the S&P down 2.75 points. Happy Trading!

Here are Today's Trading Ideas...

Potential Swing Trade (Long): Valero (VLO) - VLO has a cup & handle pattern emerging, that should it manage to complete the pattern, could be indiciative of a huge breakout. Currently it is now trying to put a bottom in on the "handle" portion of the pattern. Stop-loss here would be 17.15.

Click here to See the Rest of My Trading Ideas.