Last week all the major U.S. indexes moved higher once again. The NASDAQ bolted 1.7%, the S&P 500 jumped 1.2%, the NYSE composite gained 1.1%, and the Dow added 1.0%. The IBD outlook remains at “confirmed uptrend”. The market settled into a bullish groove with positive action coming mostly on increased volume and the isolated index losses coming in small amounts and on lesser volume. A significant number of index distribution days fell by the wayside and the levels are now reasonable. Most of the leading stocks are extended from proper entry points, so don’t chase. Concentrate on the few good stocks that are still just breaking out of bases and run with the rally, there’s a definite tailwind to the upside for the near term.
This week, one watch list stock is currently within a proper buy range. OCN, trading at $42.40, is still within buy range after punching through a $42.17 buy point on good volume, off of a 3rd stage cup base.
/as usual, your mileage may vary, always do your own homework