Editor's Note:

The S&P 500 seems to have escaped the gravitational pull of the 1520 level. The small cap Russell 2000 index and the Dow Jones Transportation average both surged to new all-time highs. The NASDAQ composite managed to breakout past significant resistance at the 3200 level. All of them look overbought and way overdue for a correction. The volatility index (VIX) dipped to a new five-year low.

I am hesitant to chase the rally but right now we need to play the trend. Traders will want to double check their stop loss placement on current positions to make sure you're happy with your current risk.

I'm not adding any new trades tonight. I am noting a few stocks that caught my eye on the radar screen list below. Some of them need to see a pullback. Others need to break resistance (or support).

Additional Trading Ideas:

In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Many of these need to see a break past key support or resistance:

(bullish ideas) KBR, LOPE, BAC, FB, GRMN, CREE, GBX, MBLX

(bearish ideas) FCX, CLF,