The stock market looks a little tired after last week's impressive rally. While I believe the trend is up that doesn't mean stocks aren't poised to dip first before continuing their ascent. Readers may want to take a buy-the-dip approach. Just be aware that the 1150 level could be very tough resistance for the S&P 500 index to break.
I am not adding any new candidates tonight but here's a list of stocks I would be watching:
AMG might be a buy if shares dip into the $72.50-71.00 zone.
GS could be a buy on a dip toward the $163-160 zone although I would prefer to buy calls on a bounce.
AMZN could be tempting on a dip or bounce in the $125-122 region.
PII appears to be breaking out over resistance right now but I hesitate to launch positions with the market looking tired. The next level of resistance for PII should be the $55 area.
V is breaking out over significant resistance at the $90.00 level. This is a new all-time high. More aggressive traders may want to buy calls on V right now!