Ideas for This Week

Since all of the Bullish Percent Charts are still screaming defense and shorts, the following situations will be monitoring and executed if the target entry points are hit:

JPM (Short) - Financials remain the weakest group, had this on the radar to put out at $47 but missed the opportunity. However, this still remains a tasty short option at an entry of $45.50. The stop point would be 48 and the target is 35 for a UD of 5.2. Will short 150 shares in the model portfolio if hit.

SYY (Short) - Sysco is releasing earnings on Monday morning so this stock may have an interesting open point. However, the chart is weak and the trade setup is sweet should we get executed at $31.50 or higher. Assuming an entry of $31.50, with a stop point of 35 and a target of 16, the UD is a solid 5.4. Will short 150 shares in the model portfolio if hit.

PMI (Short) - Financial and mortgage exposure - ouch. This trade setup is sweet should we get executed at $30 or higher. Assuming an entry of $30, with a stop point of 35 and a target of 14, the UD is a solid 4.2. Will short 125 shares in the model portfolio if hit.

IBM (Long) - Tech remains the lone bright spot in this market. OK, maybe it is not so bright, just a dim light at this point, but the IBM chart is set up for a run above $150. The stock needs to trade a little more at these levels to provide a very clear downside exit point and will be one of the first considered when the Bullish Percent charts tick up.