The S&P 500 and NASDAQ extended their gains but both indices are flirting with a breakdown from their narrow bullish channels. The Dow Industrials can't hold any gains past the 13,000 mark. Meanwhile the small cap Russell 2000 index is starting to breakdown after weeks of consolidating sideways.
Is the long overdue correction lower about to begin? There are signs suggesting the market could be ready to decline but it hasn't happened yet. Our portfolio is seeing some weakness in technology and the basic material names. It certainly looks like momentum is about to roll over.
We did see HPQ hit our stop loss as the post-earnings sell-off continues. Meanwhile NTES made the jump from our watch list to play list.
I have updated stop losses on: FDX, NKE, RDC
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.