Monday proved to be a rough day for the markets. Disappointing economic data out of China sparked renewed global growth slowdown worries. If that wasn't bad enough there appears to be a terrorist attack in Boston with explosions at the Boston marathon.
Transports, cyclicals, homebuilders, energy, and small caps were all weak spots in the market. In spite of the big decline today the up trend in the S&P 500 is still intact although it is in significant danger of being broken. Keep an eye on the simple 40-dma and 50-dma as key levels of technical support to watch for the S&P 500 index.
We are not adding any new candidates tonight. Today's sell-off could be a turning point for the market but there is no confirmation yet. After hours we are actually seeing S&P futures tick higher. I am suggesting traders take a step back and wait. Hopefully tomorrow will bring a little more clarity on market direction. Sometimes the best trade is no trade at all.
Additional Trading Ideas:
Consider these stocks as possible trading ideas and watch list candidates. Some of these may need to see a break past key support or resistance:
GSF, BTZ, GRFS, VMED,
GLNG, ATI, ITT, AAWW, NTGR, LGF, CRAY,