If we thought stocks were overbought last week they're even more overbought today. The levels to watch are overhead resistance near 1,000 and support near 950 on the S&P 500. Investors will want to take advantage of a dip toward 950.
Scanning our portfolio traders might be tempted to take profits in some of the mining and oil service names. If the economy is truly on the road to recovery then the rally is just getting started.
Currently we have six stocks on our watch list.
BEAV - BE Aerospace Inc., trigger: $10.50
IGT - Intl. Game Tech., trigger 15.25
LNN - Lindsay Corp., trigger 33.50
MEE - Massey Energy Corp., trigger 20.50
MICC - Millicom Cellular, trigger: $50.50
WLT - Walter Energy Inc., trigger 36.00
Disclaimer: At any given time the author may have positions in any or all of any companies mentioned in the Leaps Newsletter.
--Position Summary Table--
Table lists Directional CALL or PUT/LEAPS only.
Insurance puts, if applicable, are not shown.
Red symbol/name represents a dropped play this week.
Jim's portfolio and updates has been included in the normal play updates section.