The stock market's bounce is encouraging but I'm worried it could be a trap and just a relief rally before the down trend continues. Economic data around the world is suggesting we are moving closer and closer to a global slowdown. The upcoming Greek elections on June 17th could speed up the process if a Greek exit from the Eurozone suddenly looks closer than people expect.
With the Greek elections scheduled for next Sunday, I would suggest investors wait on launching new long-term bullish positions. If the anti-austerity party wins it could spark another significant market sell-off.
We are not adding new trades tonight but I did add two new watch list candidates.
In addition, this is
a list of stocks currently on my radar screen as potential candidates to keep an eye on:
MO, FDO, TJX, EIX, TGT, S, DIS, HSY, ROST,