(By Rich Bieglmeier) As we thought, once the NASDAQ joined its cousins, the Dow and S&P, at new cycle highs off of June 1st's low, the index and the market would roll, 3,500 here we come. Meanwhile, the Dow and S&P are on the verge of challenging 2012 highs.
Either the computer programs believe the economy and earnings are about to uptick again, or they are building in a 99.99% chance massive liquidity, from the four corners of the globe, is about to be injected into worldwide financial systems.
In a what's new about that moment, S&P revised Greece's debt to negative. What took so long? iStock suspects the market will ignore Tuesday's S&P's revelation, and with no real news until Thursday morning's Jobless Claims, there isn't a hurdle to trip up bulls on Wednesday. Of course, there is always the caveat of spitball coming from Euroland, but we believe a minor sell off would be more of a buying opportunity than the start of a new correction.
If you want to add new $$$ to the market or reposition some dead dollars in a dog, you might think about some of the stocks in our sector performance bull lists. It's fairly simple this week, internet stocks, heavy construction stocks, life insurance stocks and all things telecom.
Other than that, the indexes will perform either eye-to-eye or a little taller than most sectors and industries according to our read of the charts. If you can't beat ‘em, join PowerShares QQQ (QQQ) or SPDR S&P 500 (SPY).
Prefer individual stocks? We wrote about a company that might qualify for three sectors by this time next week. The heavy construction company has heavy insider ownership, which lines up shareholder's and management's financial interests. Make sure you read about Primoris Services Corporation (PRIM).
If you favor something more short-term, these stocks hit our breakout screen and could be tradeable for a quick move higher.
Amphenol Corporation (APH)
Concho Resources, Inc. (CXO)
Textron Inc. (TXT)
Illumina Inc. (ILMN)
The Scotts Miracle-Gro Company (SMG) – reports earnings on the 9th – be careful.
Hopefully, that's enough ideas to help traders and investors off all stripes pocket a few bucks if the market rolls on up. From a market watcher's perch, there isn't much more to it than that. Enjoy the ride higher while it lasts.