Little has changed for us in a week. Technically the market is bouncing from an intermediate trend of higher lows after a multi-day slide. The economic data in the U.S. is still disappointing. The Chinese government is trying to stop the slowdown but just announced the slowest GDP growth in three years. The situation in Europe and the EU is unchanged with Spain in the spotlight.
The only thing new is Q2 earnings season here in the U.S. and thus far most of the results and guidance has been bearish. JPM and WFC's reports on Friday were an exception. Investors will continue to focus on earnings results. While expectations are low there is still a good chance that corporations will disappoint.
We have seen nine of our watch list candidates graduate to the active trade list in just the last three weeks. Given my cautious outlook I am not adding any new trades tonight. Although I did add a few more candidates to the watch list this evening.
Here is a list of stocks currently on my radar screen as potential candidates to keep an eye on:
HCP, DLTR, CCJ, TGT, OXY, MDR, RGR, WFC, KSU, CSX, COST