Last week, the major indices moved higher. The Nasdaq vaulted 2.0%, the S&P 500 and the Dow each added 1.3%, and the NYSE composite tacked on 1.2%. Wednesday’s positive action was enough to change the IBD outlook, once again, to “confirmed uptrend”. For the time being at least, it’s safe to make new stock purchases.
This week, four watch list stocks, ARUN, HS, ILMN, and ORCL are potential buy candidates. ARUN, trading at $34.23, found support at its ten week line and is in buy range up to $36.61. HS, trading at $40.15, is still within 5% of a $38.85 buy point. ILMN, trading at $69.80, has formed a cup with handle base with a buy point of $71.15. ORCL, trading at $34.75, has broken out of a cup with high handle base and is still within 5% of a $34.53 buy point.
/as usual, your mileage may vary, always do your own homework