The U.S. market was mired in indecision today. Lack of follow through on yesterday's big rally was disappointing. Earnings results are generally much better than expected but investors are focused on the debt ceiling talks in Washington and the debt bailout talks in Europe.
I am not adding any new plays tonight.
Here's a list of stocks on my radar screen:
IPI, MSFT, DELL, CSCO, HAL, WCG, TGI, BEAV, LVS, plus MXIM and AYI looks bearish.
Some of my favorites are:
IPI - Shares of this fertilizer stock are trying to breakout past their 200-dma. You could buy a dip near $32.50 or wait for a close over $34.00.
MSFT - This tech titan spent more than a week consolidating under resistance at $27.00. Today's pull back retested $27 as support. You could buy this dip or wait for a bounce since today's move is an "inside day" (inside yesterday's range). Keep in mind that earnings are tomorrow night. I would suggest readers wait until Friday to see the post-earnings move before initiating positions.
HAL - This is one of the better performing oil service stocks. A dip back toward $54.00 could be a bullish entry point.
LVS - Shares of this casino stock are coiling for a breakout past major resistance near $46.00, which is both price resistance and marks a significant trendline of lower highs. A rally past $46 would be an entry point but I have to warn you that earnings are due on July 26th.