The U.S. market was mired in indecision today. Lack of follow through on yesterday's big rally was disappointing. Earnings results are generally much better than expected but investors are focused on the debt ceiling talks in Washington and the debt bailout talks in Europe.
I am not adding any new plays tonight.
Here's a list of stocks on my radar screen:
BRCM, V, MCD, MON, QCOM, ESS, ADS, DECK, OIS, ARE, UA, ENR, PVH, HFC, TUP, SIVB
Some of my favorites are:
V - Visa has been hovering near its 52-week highs for three weeks. A breakout past $90.00 could be a bullish entry point.
MCD - McDonald's has been consolidating sideways for three weeks near all-time highs. Shares look poised to rally. Earnings are on July 22nd. I would hesitate to launch positions in front of earnings. However, traders could try a neutral strategy like an options straddle or an options strangle (maybe buying the August $87.50 call and $82.50 puts) and look for some post earnings volatility.
ESS - Actually a large number of the REIT stocks continue to trade well and are flirting with 52-week highs.
UA - This stock hit new all-time highs yesterday on above average volume. A dip or bounce near $80 might be an entry point. My concern is earnings are coming up on July 26th.
PVH - A dip back into the $72-70 zone might be a new bullish entry point. Earnings aren't due until September.
HFC - The newly combined Holly Corp. and Frontier is a big midcontinent oil refiner that benefits from the huge spreads between WTI oil and Brent oil prices. Another dip and bounce in the $72-70 zone might be an entry point.