In my opinion, the equity market is now at risk for a correction and I am scanning stocks and ETFs for buying opportunities. The media is focused on the Federal Reserve actions and the actions of the government as it may sway the markets one way or the other.

The markets have risen significantly since 2009 and we have had and now have some very choppy action in the averages as well as in individual stocks. A deep correction would help us to identify new leaders more easily and help cleanse the market of second rate stocks.

I am looking for stocks to breakout from bases and am building a list of stocks that are currently consolidating and in bases. I am also waiting for entry buy points on stocks that are extended or in current uptrends beyond where we feel comfortable buying them.

 Here is a small snapshot of some of the stocks I am considering buying for the Covestor Trend Following portfolio: Air Lease (AL),  Air Castle (AYR), Celldex (CLDX),  Delta Airlines (DAL), DuPont (DD), 3D Systems (DDD), General Motors (GM), Global Payments (GPN), Green Plains Renewable Energy (GPRE), HCA Holdings (HCA), SouFun Holdings (SFUN).

The investments discussed are held in client accounts as of September 30, 2013. These investments may or may not be currently held in client accounts. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.