We are not adding any new Premier Investor plays tonight.
The S&P 500 index ended an eight-day winning streak today. The NASDAQ-100 index has gone up everyday since its June 24th low until today, ending a 14-day winning streak. Naturally, after such a strong move higher, the stock market looks short-term overbought after a three-week rally to new all-time highs.
The market's advance stalled today as traders look towards Fed Chairman Ben Bernanke's testimony before congress. If Bernanke says anything disappointing, either in his remarks or doing the Q&A session, it could spark another market sell-off like the one that occurred following his press conference in May.
Let's wait and see how the market reacts to his comments to congress and then we'll consider adding new trading candidates tomorrow night.