Last week, the major indices all ended lower. The S&P 500 fell 0.6%, the NYSE lost 0.5%, the Dow shed 0.4%, and the Nasdaq gave up 0.2%. The IBD outlook briefly returned to “market in confirmed uptrend” on Wednesday, but quickly returned to “uptrend under pressure” on Friday. It’s not an ideal buying atmosphere at the moment, so proceed with caution. Think about raising cash.
If you insist on making a new purchase, not recommended at this moment, there are three watch list stocks at or near proper buy points this week, NFLX, CXO, and ILMN. NFLX, trading at $217.98, broke out past a $209.34 buy point, on monster volume, and is in buy range up to $219.80. CXO, trading at $91.25, has found support at its ren week line and is in buy range up to $100.53. ILMN, trading at $69.05 is still within 5% of a $65.59 buy point after breaking out of a three weeks tight pattern.
/as usual, your mileage may vary, always do your own homework