After scanning the new 52-week highs list, I could'nt help but notice that a number of stocks are from the "oil and gas" industry. Most of them are just emerging from 3 - 6 month long bases and look very good. Should the latest attempt at a rally continue to follow through this group of stocks may offer some of the best long side opportunities. One stock from this group that I have added to my personal watch list is CPE. Here is the chart with the white line representing the suggested pivot buy point:
Again I would like to reiterate that longer term I am NOT very bullish on the markets. Many of the stocks that are setting up in fairly decent bases are lower priced with shabby fundamentals while most of the stocks with outstanding fundamentals now look shaky and ready to roll over.
So if you do decide to play and stocks on the long be very careful. Although I am anticipating some sort of a bounce, I am more looking forward to establish short positions into this bounce rather than try to get long stocks since there are basically no quality leadership stocks to get long off.
So be careful out there! Good luck and good trading.