- New Trades -
(August 31, 2014)
The U.S. market continues to rally in spite of an escalation in the conflict between Russia and Ukraine. The relative strength in stocks is encouraging but now the S&P 500 is arguably short-term overbought with a four-week bounce from its August lows. We're probably due for a pullback but given last week's rebound from the simple 10-dma the S&P 500 looks poised to rally higher.
September is traditionally the worst month of the year for stocks but seasonal patterns are not set in stone. Currently the S&P 500 is sitting right at significant round-number resistance at the 2,000 mark.
We are not adding any new trades tonight but we are adding four new watch list candidates: ATVI, MS, NUE, ORLY.
I have also updated my radar screen below.
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. In no particular order:
ARII, AMBA, CHKP, CAH, NATI, LNC, HCLP, HCP, LEG, LEA, DLX, NKE, PRI, MRK, ODFL, EVEP, CVI, IACI, FB, LOW, PSX, VFC