Below you will find a list of companies that now look attractive as possible long or short trades for the coming weeks. Although I reserve my best trading ideas for my weekly Swing Trader newsletter, I actively follow over 500 stock charts each evening. In the course of this analysis, I often come up with many trading opportunities that have not yet set-up effectively, but that could nonetheless make for excellent short-term trades. Below you will find a few such ideas...

Long Candidates:

FLOWSERVE (FLS, $25.69) -- This company manufactures flow control equipment for use in applications such as oil wells and power generation. Despite the correction in both oil stocks and the broader S&P 500, FLS has held steady in recent weeks. The stock has found support above its rising 50-day moving average, which currently sits at roughly $25.20. Relative strength is good. When strength returns to the market, I think FLS can test resistance just above $28.

JOHNSON & JOHNSON (JNJ, $69.40) -- Investors rotated money back into pharmaceutical and healthcare stocks last week, as these sectors often serve as safe havens in a down market. Longer term, JNJ has one of the highest relative strength lines in the group. The stock continues to rise above ascending 50- and 150-day moving averages. In addition, ADX and MACD are both on buy signals.

Short Candidates:

MERRILL LYNCH (MER, $53.09) -- I highlighted shares of this brokerage giant as a possible short candidate two weeks ago when the stock was trading at $55.95. The stock is in a strong downtrend and is showing poor relative strength versus the overall market. MER recently broke below its 150-day moving average at $56.59. ADX and MACD are both on strong sell signals. The stock is oversold, but if the market remains weak, then MER could drop into the low $50s.

DR HORTON (DHI, $26.91) -- I flagged this major U.S. homebuilder as a possible short candidate last week when the stock was trading at $29.09. Shares of DHI fell sharply last week, closing well below their lower Bollinger band. This is one of the weaker stocks that I track in this sector. The shares peaked at $34.58 in early March and have been falling steadily since. The stock is trading below its 50-day moving average. DHI should fall to $25 if the market remains weak.

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