I’m getting a late start and wont be posting charts tonight; I need to get some sleep.

I thought we could bounce today, but that didnt happen at all. Nonethless, I had one trigger early today in PCYC, which I day traded for a small gain. I was also stopped out of MGM for a loss; still holding MTH (was stopped out of BID yesterday).  Not much forward progress, but looking at the market, I  could have done worse.

I’m not excited about trading tomorrow in this chop, but often when I feel that way, a rally is right around the corner. Yes, we could continue moving lower, but I don’t want to start shorting in this oversold market. I think a playable bounce could be coming.

Trade Ideas for 01/29/10:

See current watchlist. Will also be adding UTHR and EVVV. Want to see a strong market action before taking new longs.