- New Trades -
(June 08, 2013)
The S&P 500's rebound off of technical support near 1600 and its 50-dma is certainly bullish from a technical perspective. Yet the rebound has not yet broken past the three-week trend of lower highs. Therefore I remain cautiously bullish on the market. The trend is up but we just saw two weeks of declines based on fear the Fed might taper its QE program.
The Fed's next FOMC meeting is less than two weeks away. If Ben Bernanke surprises the market, investors may choose to sell first and ask questions later. In spite of my cautiousness we can only trade the market we see and right now the trend is still our friend. Thus we're adding three new bullish candidates to the watch list tonight.
I have also added a few new symbols to my radar screen below.
A few of them actually look like potential trades right now.
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, FRX, WHR, CBI, BA, NOC, LLL, RTN, M, TJX, PNRA, SBUX, GRPN, CY, NKE, UA, WFR, GS, ODFL, JNJ, BIDU, HD, TM, AXP, AMZN, GOOG,