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Lazy Trade Long & Short: ODP & LULU
Solid gap into today’s market but be careful not to chase after the setups
Today’s lazy trade long and short comes as we are finally getting a solid bounce out of this market and likely to push higher throughout the week. The short setup, Lululemon (LULU) looks great, and if I didn’t think that this market would rally for the better part of this week, I’d already re-short this stock.
But instead, I’m going to keep LULU in my back pocket to short if this market decides to surprise and reverse lower, then LULU will be the first stock I take on.
ODP looks really good as well as it has a nice box/coiling setup over the past couple of weeks, and as of today, is looking to make a move to the upside by pushing through $2.98.
[UPDATE: Took a long position in ODP at $2.98]
Here’s today’s lazy trades long and short setups
LONG: Office Depot (ODP)
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.
Be Sure to Check out Ryan’s Site at Shareplanner.com
2012-11-19 14:50:17
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