The market remains overbought. It's been that way for days and honestly I'm not sure what is going to make it change. Tomorrow could see some volatility thanks to option expiration but I doubt it. We have two weeks left before the quarter ends and rally could continue as money managers do some window dressing. At the same time investors are nervous that China could tighten their monetary policy again and that the situation with Greece is not improving fast enough. The market could get taken hostage by overseas headlines.
I'm not adding any new plays tonight. This is a small watch list of stocks that caught my eye.
CELG - biotech stocks have seen a huge month. CELG is challenging resistance near $65.00. I would put CELG on your watch list for a dip back toward $62 or $60.
INFY - This India-based company has broken out to new multi-year highs. I would look for a correction.
PCLN - This Internet stock is hitting levels not seen since the 2000 era. If you're bullish on the market then consider bullish positions on PCLN above $245.
SHLD - Shares of SHLD have stalled under their January highs. A reversal here could look like a bearish double-top pattern.