Is it time for another market dip? A few of the indices look a bit overbought here.
The S&P 500 is hitting new all-time highs. Yet it's looking a little short-term overbought here. If you study the daily chart you'll notice that recent dips have only last two or three days. Investors may want to wait for the next two or three day pullback and then jump into new positions.
I also want to point out that the small cap Russell 2000 index has stalled. The $RUT rallied on Tuesday but has not participated the last couple of sessions. At the same time "smart money" is buying bonds and the yield on U.S. 10-year notes hit new relative lows today.
We are not adding any new trades tonight. I will list a few stocks on my watch list. These symbols (below) might qualify as short-term bullish candidates.
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:
LAZ, WOR, SAIA, FLEX, DO, TSO, VLO, WNR, INT, UA, GIL, SGY,