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  1. Home
  2. / Investing
  3. / Basic Materials

The Bulls Don't Have Enough Juice for 20,000

But here are 8 stocks that look good to me, right now.
By JAMES "REV SHARK" DEPORRE
Dec 20, 2016 | 10:44 AM EST
Stocks quotes in this article: SUPN, KOS, TWLO, WDC, X, AKS, KTOS, PI

With such intense focus on the 20,000 level of the Dow Jones Industrial Average, it is just a matter of time before it falls, but so far this morning the bulls don't have quite enough juice. I'm looking for them to make another run at it before the day is over, but once the day is done it is likely to trigger some profit taking. Many traders are sticking with this market simply because of the attention being given to the 20,000 level.

While the DJIA coverage is downright annoying, there is some good trading action on my screens. Yesterday I mentioned Impinj  (PI) , Supernus (SUPN) , Kosmos Energy (KOS) and Twilio (TWLO) . All of them are showing some good momentum today. Prior Stock of the Week, Western Digital (WDC) is looking good as it breaks out of a high-level base.

I'm working to put more capital to work -- and the steels caught my eye. US Steel (X) and AK Steel Holdings (AKS) are bouncing off some support levels and looking to retest highs. They have consolidated big moves and are not in better shape for upside.

Another stock on my radar is Kratos Defense & Security (KTOS) , which is seeing interest following tragic events around the world in the last 24 hours. Kratos' primary end customers are National Security related agencies.

Breadth is very solid, with about 4,400 gainers to 1,900 decliners, and there are over 330 new 12-month highs. Yes, things still look stretched, but with the DJIA on a mission to 20,000 and positive seasonality, there is no reason to fight the trend.

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At the time of publication, Rev Shark was long IP, SUPN, KOS, TWLO, KTOS, WD and AKS, although positions may change at any time.

TAGS: Investing | U.S. Equity | Basic Materials | Technology | Markets | Stocks

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