Trade Ideas for 08/12/09

From Friday's high of 1018 we've fallen as many as 25 points. The possibility emerges that Friday marked the top of this rally, and it certainly fits the timing of prior bear market rallies of this degree. However, enough bullish appetite lingers that the market could go for another blow-off top before turning down for good. I illustrated both of these possibilities with potential wave counts in this past weekend's post. Today we bought FXP, SRS, and QID.

Current Holdings
Ticker	Basis	Closing Price	Perf.	Sell-Stop	Addl Exit Guideline	Chart
QID	26.61	27.06	+1.7%	25.96	N/A	Chart
SRS	12.31	12.31	0	11.19	N/A	Chart
FXP	10.04	9.98	-0.6%	8.99	N/A	Chart

The Fed makes its announcement tomorrow afternoon, so be careful; don't take on too many of tomorrow's ideas.

New Trade Ideas

Ticker	Entry	Exit A	Exit C	Chart
DGP (Gold Double Long ETN)	20.53	20.20	N/A	Chart
SWC (Stillwater Mining)	6.93	6.44	N/A	Chart
TMX (Telefonos de Mexico)	16.82	16.49	N/A	Chart
SFLY (Shutterfly)	16.01	15.40	N/A	Chart

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