- New Trades -
(March 09, 2013)
The trend is your friend, right? That's the old market maxim. Right now the trend is clearly higher with stocks pushing to new highs. You could argue that the U.S. market is short-term overbought here but I am expecting it to grow more overbought with the S&P 500 racing to tag its all-time high near 1565 set back in October 2007.
I am not adding any new plays tonight. I remain concerned that we're due for a correction and the risk of a triple top in the S&P 500 index. However, we are still adding candidates to the watch list. This past week saw Wal-Mart (WMT) hit our entry point and jump from the watch list to our active trade list. Tonight I am adding three new candidates to the watch list just in case the market keeps on going. Readers may want to limit any new positions and start small to reduce our risk.
Here is a list of stocks on my radar screen. These have potential to be LEAPS trades down the road if the right entry point presents itself:
DNKN, HOG, SNDK, SJM, GMCR, TAP, SYY, CNQ, CSCO, ATI, S, CAM, VIP, CY, V, AXP, BAC, BHI, ROVI, TXT, EOG, SYK,