Bulls remain firmly in control. The S&P 500 index has rallied to a new 32-month high and does not appear to be slowing down. Thus far the urge to buy the dips has been so strong that all the dips are shallow. I remain bullish on stocks but I am reluctant to open a bunch of long-term positions with the market so overbought and due for some profit taking. Of course the market can always grow more overbought.
While I am not adding any new plays tonight we did add more candidates to our watch list and adjust some of the entry point strategies for current watch list candidates.