Trade Ideas for 09/14/09

The market pulled back from new highs Friday in the first sign of weakness since this latest upswing began last week. For the S&P, the day closed on a doji candlestick. So far, the ascending wedges I presented yesterday continue to contain prices, with one notable exception: the transports broke through the wedge and closed at the highs of the day.

It remains to be seen whether the other indices will follow suit and break the ascending wedge to the upside. We're pretty much right at the upper trendline, so next week we'll know. Meanwhile we bought SOLF and SCHN Friday.

Current Holdings
Ticker	Basis	Closing Price	Perf.	Sell-Stop	Addl Exit Guideline	Chart
HTZ	9.71	10.72	+10.4%	9.71	Consider setting sell-stop on partial positions at 10.47	Chart
ARIA	2.26	2.62	+15.9%	2.49	N/A	Chart
V	70.44	72.29	+2.6%	70.44	N/A	Chart
SLB	58.43	60.39	+3.4%	56.84	Consider setting sell-stop on partial positions at 59.64	Chart
SOLF	6.26	5.94	-5.1%	5.78	N/A	Chart
SCHN	58.13	57.18	-1.6%	55.99	N/A	Chart

For Monday, I'm going to focus on the short side. The S&P/Dow/Nasdaq/Russell all closed weakly, and they're up against formidable resistance. SRS and QID are especially aggressive entries for Monday. And in case the market follows the transports up, I've thrown in a long idea in CRI.

New Trade Ideas

Ticker	Entry	Exit A	Exit C	Chart
FXP (Ultrashort Xinhua 25)	9.51	8.99	N/A	Chart
SKF (Ultrashort Financials)	27.81	26.27	N/A	Chart
SRS (Ultrashort Real Estate)	11.07	10.49	N/A	Chart
QID (Ultrashort QQQQ)	24.31	23.83	N/A	Chart
CRI (Carter Holdings)	26.42	25.71	N/A	Chart

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