- New Trades -
(September 01, 2013)
No new trades tonight.
Stocks are in an intermediate down trend and will soon be testing the market's longer-term up trend. A breakdown could spark some serious profit taking after such a strong year.
If worries over the Fed QE taper and the U.S. debt ceiling were not enough the market is now worried about Syria and any U.S. involvement. Thankfully, as of Saturday, it looks like President Obama has postponed any decision on Syria (see tonight's commentary for more).
Unfortunately, the current mood of the market does expect the Federal Reserve to announce a reduction in QE at the mid September FOMC meeting. That is likely short-term negative for equities.
I am reluctant to add new plays now when stocks could be a lot lower a month from now. However, there are exceptions and our watch list has a few candidates that are bucking the market's recent weakness. Tonight we're adding MAKO, MDVN, and SJM as possible candidates.
I am not listing any radar screen symbols tonight.