Last week, all the major indeces continued their march higher. The Dow vaulted 2.3%, the Nasdaq and S&P 500 both jumped 1.4%, and the NYSE added 1%. The IBD outlook remains at “confirmed uptrend”. Conventional wisdom would argue that we’re due for some type of correction soon, what goes up must come down. However, you need to base your actions on what the markets are actually telling you and, right now, they’re telling you that they want to move higher.
CXO, trading at $99.03, has found support at its ten week line and is in buy range up to $100.53. ILMN, trading at $73.66, broke out of a three weeks tight pattern, on volume, and is still within 5% of a $71.46 buy point. AAPL, trading at $356.85, bounced off its ten week line and is still in buy range up to $366.03. ORCL, trading at $33.47, is still within 5% of a $32.37 buy point after clearing a five weeks tight pattern.
/as usual, your mileage may vary, always do your own homework