The S&P 500 index has extended its 2012 gains to five weeks in a row. The market trend is definitely higher but stocks are growing overbought. The S&P 500 is up almost +7% in 2012 already. The small cap Russell 2000 is up over +12%.
Conservative traders may want to start thinking about taking some money off the table since the 1350 area could be tough resistance for the S&P 500. Eventually the market will see a correction, which is healthy and set up for another entry point.
MRVL and RDC have jumped from the watch list to our portfolio.
I have updated stop losses on: BZH, CSCO, CSX, EPD, FDX, HPQ, KFT, LDK, LXK, MMM, NKE, ONNN, PEP, QCOM, TEVA, and X.
Disclaimer: At any given time the author may have positions in any or all of any companies mentioned in the Leaps Newsletter.
--Position Summary Table--
Table lists Directional CALL or PUT/LEAPS only.
Insurance puts, if applicable, are not shown.
Red symbol/name represents a play or option position exited or closed this week.