- New Trades -
(November 24, 2013)
The market continues to rally. The S&P 500, the Dow Industrials, and the Russell 2000 all ended the week at new record highs. The path of least resistance is definitely up. Plus we are moving into a seasonally bullish period for stocks.
I am concerned about how overbought the market is at the moment. The last time the S&P 500 was up seven weeks in a row was 2007. Of course that doesn't mean the market can't continue to climb from here. I expect that it will keep climbing but we need to be choosy with our entry points.
I am not adding any new trades tonight. We are adding three new candidates to our watch list (C, COP, and HFC). Plus, I've updated some entry points on our prior watch list candidates. I expect some of them to be triggered this week.
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:
MET, HD, FBHS, FL, WOOF, WMT, PCP, DE, HAS, XLF, TRV, MCD, V, DNKN, KKD, PFE, BMY, MRK, PHM, SLB, SYK, TRV , CSX, PBR, YUM