Weekly Review and Watch List

Trading was a bit more tricky last week as I got stopped out of a few positions.  I expect this to remain the norm until the market decides on a meaningful pullback to correct the overbought conditions.  I'd like to see a pull back to the 1326 area on the SPX and the 1306 area for me to get a lot more bullish.  The risk/reward in the market isn't compelling to me at this juncture.  Therefore, I am becoming more defensive by using smaller position sizes and taking quick profits.

Here's what I'm watching...
DNN - Bought this about a week ago at $1.90.  After pulling back to the $1.70 area, it popped above $2 last week.  I want to see it hold above the $1.90 level for continued move up.  The 50 day ma is crossing the 200 day ma.  I have a stop at around $1.70 with a target at $2.50.

RIC - Still watching for dip to $11 area or breakout above $12.91.  Which ever trigger hits first, I'll establish a game plan.

I'm interested to see if the steel sector might get a bump. If so, I'll watch these...

CLF - Oversold stock that had a good bounce on Friday with volume.  I might consider an entry over the 50 day ma at around $68.75. Target is 200 day ma around $74. Stop around Friday's close of $67.75

X - I'm watching over $29 with a target of $31.50 (200 day ma).  Stop $28.05, or 50 day ma.

GLW - Watching this over $14. Stop $13.46 (20 and 50 day ma). First target $15 (200 day ma). Second target $15.75.

Everyone have a good week.
Daytona 500 rain delayed till tomorrow. :-( 

~JP