The U.S. market continues to rally with the S&P 500 and NASDAQ indices in narrow, bullish channels. The Dow Industrials just broke out from a two-week sideways consolidation and the small cap Russell 2000 index looks poised to do the same.
The S&P 500 is up six out of the last seven weeks and comfortably above what was expected to be major resistance near the 1350 level. The trend is up but every week the market grows more overbought. Eventually the market will see a correction.
Our portfolio continues to grow. Both MSI and UNH made the jump from watch list to active trades. ADM and INTC, two more watch list stocks, have been moved to the "new plays" section of the newsletter.
I have updated stop losses on: EPD, LXK, NKE, and QCOM.
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 play or option position exited or closed this week.