Just 2.3% to go to the ceiling of 1800. Of course, the ceiling may prove to be just a figment of my own imagination. It is rather arbitrary - we are in a bull market with unchartered territory. The market isn't extended or overbought or particularly expensive, and calling interim tops has been very difficult. I don't expect a big pullback in any event, though I think that certain high-fliers will be slashed come 1/2 due to deferred gains realization. For now, given my view of not a lot of downside, I will be patient regarding scaling out of the market in CG/B or implementing short trades in The Analytical Trader.
Looking at the watchlist (
Download Watchlist102513 ), 26 of 100 closed below the 10dma, low but much better than a week ago despite the rallying market. With earnings season, there were severeal 10% movers, including AKAM, LAD and RMD to the downside and ILMN to the upside (awesome quarter there). Stocks offering 35% to my one-year target are few and far between and include just ANV, PLCM and NTAP. Oversold names have rapidly dwindled - just CAG (-1.33), ISRG (-1.23), EZPW (-1.17) and WSM (-1.12) on the watchlist. Looking at "prospects", ABAX and BJRI are more than 2 units, while several are between -2 and -1 (CTXS, FIO, LQDT, SYMC, HMSY, RTIX, PANW, CTRX, BKE, TWI, GMCR, MFLX, EME, AEO and HURC) . Black 1s number 14.
Looking at the stocks in the models (
Download Positionwatch102513 ), I raised the valuations (and targets) on CLH, MAT, ROSE (actually just the earnings) and URI while cutting it on RMD by $2. I am getting rid of one of our three big losers while I contemplate the other two. NEM is a big loser too - just not for us so much.