- New Trades -
(November 09, 2014)
The stock market is little changed from last week. The big cap indices like the Dow Industrials and the S&P 500 managed to hit new highs but the broader market indices like the NASDAQ composite and the Russell 2000 were either flat or down.
Overall the trend is up but the market remains very short-term overbought with an extremely sharp bounce from the mid October low. Last week's mostly sideways consolidation was healthy but we're still overbought.
I listed a lot of reasons for the market to rally over the next few months in tonight's market commentary. Yet that does not mean stocks can't see a dip first.
In our watch list we have a few candidates that we can use to launch positions if the market sees a pullback (AAPL, CELG, GD, and GS), and we now have three candidates we can launch positions on if the market continues to rally (BAC, CHL, and DIS).
No new trades tonight. Use the watch list to launch new positions.