- New Trades -
(February 23, 2014)
Investors should be cautious here. The relative strength in the NASDAQ and Russell 2000 last week is encouraging but all eyes are on the S&P 500 index. If the S&P 500 fails to breakout past resistance near 1850 then it's going to take a lot of momentum out of this market and potentially mark a very significant top.
Thus with the market at a pivotal level I am not suggesting new positions at this time. The stock market's rebound from its February lows has completely ignored a parade of disappointing and potentially ill-boding economic data from around the world, including the U.S. and China.
No new trades tonight. No list of radar screen candidates either. I looked at probably 1,500 stocks this weekend and none of them looked very attractive except for our new watch list candidates (ALK and KMB).