Play Editor's Note: We are adding a bunch of new candidates to the newsletter this evening. However, I want to point out the charts in Jim's weekend market wrap. The specific charts that show the huge range for the DJIA and the S&P 500 and we're stuck right in the middle.
If you are feeling the least bit hesitant to jump back into the markets I want to say, "it's okay." You don't have to. More conservative traders should probably NOT open new positions at this time. A better entry point would be on a bounce from the bottom of the range or a breakout through the top of the range if you're bullish, just the opposite if you're bearish.
Lam-Research - LRCX - close: 21.04 change: +0.20 stop: 19.95
Friday proved to be a relatively quiet session for LRCX, which mimicked the sideways trading in the SOX semiconductor index. Last week's sell-off from its highs was steep but volume on the decline has been pretty light as well. Our last update suggested waiting for a dip to and a bounce from the $20.00 level as a bullish entry point. LRCX hit $20.51 on Friday afternoon before bouncing back. The rebound was pretty anemic. Readers might want to wait for a new rise over $21.75 or $22.00 before initiating new positions. Our target is $25.85.