The market's recent strength could be a lack of sellers, not an over abundance of buyers. Money managers are just counting down the days until the first quarter ends (March 31st). This does not mean April 1st will see the market automatically roll over but the pressure for performance on fund managers will have eased.
I remain very cautious on launching new bullish positions. Yet with the market inching higher most of the candidates I found were bullish. I'm listing a few stocks that caught my eye but only aggressive traders should consider launching positions.
MICC - Shares of this wireless telecom operator were in rally mode after a two-week consolidation sideways near $90.00. Traders may want to open bullish positions above the recent high near $90.50. I would target $95 or the $99-100 zone.
FDX - FDX has rallied toward its 52-week highs near the March and December peaks. A breakout past the $92.75 level could be a new bullish entry point while a failure here would look like a bearish double top. Currently FDX is inching higher and suggesting the stock will breakout. If you do open bullish positions I would target the $97.50-100.00 zone.
OXY - This is an oil and gas company and the stock has been outperforming some of its peers with a more consistent bullish trend. The stock is now testing significant resistance near the $85.00 level. A breakout higher could be a bullish entry point.
DD - This is a stock I would watch for a dip back toward broken resistance and what should be support in the $35.50-35.00 zone.