Trade Ideas for 03/11/09

Great follow-through today, and it appears that an uptrend has begun. The price action, the volume, and the way that pullbacks were bought with little hesitation, all point to a notable change in sentiment. At this point, the uptrend is for trading only; the bottom put in last week will probably not hold. Nevertheless, a trip to, say, S&P 800 (a 10% gain from here) is nothing to sneeze at. Ideally for the bull case, tomorrow we pull back (maybe after a gap up) and as a result get some useable setups for Thursday.

We were stopped out of QID today, and bought ITU. UYG gapped up above the buy price, but touched within a couple cents. I'm including it in the table, using the day's low as the entry price, in case anyone bought it.

Current Holdings
Ticker	Basis	Closing Price	Perf.	Sell-Stop	Additional Exit Guideline	Chart
SWKS	6.61	7.56	+14.4%	6.85	Consider selling a portion at market open	Chart
PM	33.73	34.05	+0.9%	33.35	N/A	Chart
ITU	9.66	9.91	+2.6%	9.38	N/A	Chart
DXO	2.51	2.41	-4.0%	1.91	Consider selling on a close < 2.22	Chart
UYG	1.65	1.89	+14.5%	1.64	N/A	Chart

I'd be wary of a gap up in the first hour of trading tomorrow. I'd reduce the number of shares purchased for any buys during that time.

New Trade Ideas

Ticker	Entry	Exit A	Exit C	Chart
JBHT (JB Hunt)	19.71	18.99	18.45	Chart
BMC (BMC Software)	29.01	28.34	N/A	Chart
PCX (Patriot Coal)	3.31	2.92	N/A	Chart

Please refer to "How To Trade The Ideas" (right-hand side) to read this table.