(December 15, 2012)
The U.S. market's produced a bearish reversal midweek following the FOMC meeting and Ben Bernanke's press conference. It might be a simple "sell the news" reaction to the Fed's new QE program. It could also be a negative reaction to lack of progress in Washington on the fiscal cliff.
On a short-term basis the market looks vulnerable to more selling. As the fiscal cliff countdown continues to wind down we could see investors turning more and more defensive. I am not adding any new trades tonight. We did add two new watch list candidates and I have updated our radar screen below.
Here is a list of stocks on my radar screen. These have potential to be LEAPS trades down the road if the right entry point presents itself:
LVS, VAR, TSO, LRCX, CSCO, MS, MYL, APKT, HSY, PCP, SLV, CRR, MTW, CR, AKAM, ABC, X, EA, JPM, BRK.B, CMI, JOY, BTU, ANR, EOG,