U.S. stock futures traded slightly lower Wednesday, with the previous day’s bullish enthusiasm tempered by renewed worries over Europe’s long-running debt woes as investors awaited data on factory orders for November.
Economic data on tap for Wednesday include November factory orders at 10 a.m. Eastern. Car makers are also set to release December sales figures.
The main event in terms of economic data comes on Friday with the release of nonfarm payrolls and other labor market data for December. Economists surveyed by MarketWatch produced a consensus forecast for a rise of 150,000 in payrolls last month. The unemployment rate is forecast to tick higher to 8.7% from 8.6% in November.
HDY – wow what a sweet play so far. It was on this watch list when we picked it up and it’s been a bull ever since. Target is $3 – $3.50 but don’t be afraid to pay yourself as we go, there is no shame in making money ha.
PZZI – still accumulation phase so we’ll just need to see if it catches now that we’re in January. I’ll add more around $5 if it pulls and stop below there if it continues down. Upside I’d like to see the $6-$7 range soon.
MCP – had a stop in Tuesday on the dip but it bounces and now I’m up about $1 per share. The stock still seems soft so I’ll stop out just above my entry for a small profit or ride it into the $30 range for $5,000 – whichever comes first.
ZAGG – i like my entry but am not really looking to buy more. I think $8 – $12 is reasonable on this one over the next week or so and we’ll see if it consolidates here and reloads – that’s the key. Otherwise I’ll be looking to lock in profit above my entry.
QPSA – i think this one is just consolidating off the $2.90 – $3.40 move and will give it a day or two to breath. If it reloads I’m looking for $1-$2 per share profit. A dip below my entry will get my attention for sure but it won’t trigger a stop as I think QPSA is heading to $4 or higher soon.
USAT – nothing great out of my secret recipe yet but I’m sticking with it. If the trade bores you simply move on. My goal is between $1.60 – $2 short term.