I think we're at a new record! I'm talking about the number of plays in our LEAPStrader portfolio. When I changed the format my goal was to allow for more candidates and content in the newsletter. Thus far it is working but I want us to remain cautious when it comes to launching new positions. My market bias remains bullish but upward momentum has clearly slowed.
If you're a glass is half full kind of trader then the fact that all the negative headlines did not take the market down is a positive sign. If you're glass is half empty then all the failed rallies last week are a warning sign. I am still optimistic that stocks will move higher throughout year end. This week's coming economic data, if positive, could re-start the rally again.
I'm not adding any new plays tonight but we did add to new watch list candidates that could easily be triggered in the next couple of days.
Readers may want to double check their stop loss placement on current positions. If jobs number disappoints or if the situation in Europe or Korea escalates the bad news could finally trip the market into a steeper correction.