Friday, May 31, 2013

Best ideas for 5/31/2013

At today's close, I was still holding short positions in $SCTY and $SPWR via puts as I posted earlier on this week. I also tried to get short $WFR today but ended up getting stopped out near the close as the stock broke out to new highs. My mistake with this trade was jumping in too early. I still like it short and will be watching it tomorrow for a short entry. However, I will not repeat the same mistake I did today. I'll wait until in the afternoon to get short.

Although I'm leaning bearish on the markets and especially the solars; the markets have yet to confirm my hypothesis and I'm still seeing lots of high quality long set ups. Should the markets break to the upside; I'll be looking to cover my shorts and add longs from the list below. $SKUL is my favorite. I also like $XRM but playing breaks to new 52-week highs have been tricky of late.

With that are my best ideas for tomorrow:

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