Last week was a key turning point for the market. The S&P 500 has convincingly cleared resistance near 1,000. Now investors are aiming for the 1,100 level. This is a market where traders want to buy the dips but I would scale down your position size to limit risk. Stocks remain extremely overbought.
Currently we have thirteen stocks on our watch list.
ANR - Alpha Natural Resources, Inc., trigger 31.00
BEAV - BE Aerospace Inc., trigger: $15.00
BG - Bunge Limited, trigger $61.00
CLF - Cliffs Natural Resources Inc., trigger 23.50 or 32.55
CNX - Consol Energy Inc., trigger $35.25
ERJ - EMBRAER - Empresa Brasileira de AeronÃ¡utica, trigger $18.50
IGT - Intl. Game Tech., trigger $17.50
MEE - Massey Energy Corp., trigger $23.50
MICC - Millicom Cellular, trigger: $62.50
TEX - Terex Corp., trigger 15.00 or 18.25
WLT - Walter Energy Inc., trigger $36.00
X - United States Steel Corp., trigger 37.50
XIDE - Exide Technologies, trigger 6.50
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.