The S&P 500 index is up +8% and the NASDAQ is up +10% in just over a week.
Stocks look short-term overbought and due for a pull back. While the path of least resistance is probably up we don't want to chase the market right here.
Thus I'm not adding any new candidates tonight. Here's what I'm watching for potential entry points:
AN - the stock has broken out over major resistance at $40.00. Another bounce from $40.00 or better yet a bounce from its rising 10-dma could be used as an entry point.
CCMP - shares have built a bottom over the last four weeks. Yesterday's breakout over resistance near $40.00 looks like an entry point. Yet shares are trading under lots of technical resistance (like its 40 and 50-dma). Plus there is very clear resistance in the $42.50-43.00 area, which would be my first target.
CHD - this stock is hitting new all-time highs. I was tempted to launch positions tonight but I'd rather wait and see if shares will pull back and retest the $42.00 level as new support.
BCE - Wait for a breakout past the $40.50 level.
EXPE - This online travel stock has been soaring higher in recent days. The breakout past the 50-dma is bullish. Yet shares look overbought. Wait for a dip or a bounce in the $28.50-28.00 area.
VECO - shares appear to be forming a bottom but I'd prefer to launch positions on a breakout past $38.00 or a new bounce from its short-term bullish trend of higher lows.