Last week, all the major indices turned lower. The Dow skidded 2.1%, the Nasdaq dropped 1.9%, the S&P 500 fell 1.7%, and the NYSE composite lost 1.5%. The IBD outlook rolled back over to “uptrend under pressure” due to some heavy institutional selling early in the week. Be prepared to play portfolio defense at a moment’s notice.
Since the current market uptrend is under pressure, it’s not advisable to make any new purchases until the uptrend resumes. However, if you must trade dangerously, there are four watch list stocks within a proper buy range this week, BIDU, INFA, AAPL, and CTSH.
All four stocks have found support at their ten week lines. BIDU, trading at $120.59, is in buy range up to $138.21. INFA, trading at $47.65, is in buy range up to $52.25. AAPL, trading at $348.16, is in buy range up to $383.14. CTSH, trading at $76.51, is in buy range up to $81.52.
/as usual, your mileage may vary, always do your own homework