Typically I carry about 80-100 stocks in my bullish watch-list. 

Today that number is at 26. And quite honestly, none of them are really setting up well at this point. I’d be very cautious with this market despite the predisposition of most traders is to buy the dip, I would instead wait for a base of some kind to form before taking such chances. 

Here is what we are seeing so far today:


– A close at or near 18.86 and a 34% jump overall on the day. A close that hasn’t been seen since 2/2/15. 

– T2108 (% of stocks trading above the 40-day moving average) currently at 27.4% and dropping 35% overall today. The current % is the lowest that we have seen since 12/16/14. 

– SPX confirmed a massive  head and shoulders pattern on the daily chart  going all the way back to April. The confirmation level was at 2072. 

– Looking at the lowest close since early April. 

Couple all of this with the crisis in Greece, Puerto Rico, and soon to be Italy and Spain and you have some major problems on the horizon. So don’t be willing to catch the knife until it slows down enough to where you can grab the handle without being cut. 

With that said, be prepared, and keep these setups in a safe place so that you can refer to them when the opportunity comes about. 

Here’s the bullish list of trade setups:

bullish watchlist 6-29-15 

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