It was a pretty weak day until late in the afternoon as stocks rallied a bit into the close. The S&P 500 bounced off a trendline, and since it is oversold, could move higher from here, at least for a short time, and maybe longer. The market rebounded from a similar situation in November.

I was just watching one stock today, MTH, and it triggered in the afternoon.Still holding this one.

Also holding MGM, which moved a little higher into the close.

I got stopped out of this one yesterday, but I am keeping my eye on it. If the market continues to bounce, this could move.

I shouldn’t look back at  stocks I am out of, but it’s a habit. I took profits in both of these, and they continue to move higher.


Trade Ideas for 01/28/10:

Hopefully we get a continued bounce here. Although many charts are wrecked, some still look strong, and those are the ones I will be watching.





Good luck and good trading!