Last week, the major indices all continued to motor lower. The NYSE composite gave up 2%, as the Dow, Nasdaq, and S&P 500 each lost 2.3%. Almost miraculously on Tuesday, the Nasdaq’s positive 1.4% move, on higher volume, constituted a follow through day and triggered the IBD outlook to change to “confirmed uptrend”. However, Wednesday’s across the board drubbing bludgeoned the IBD outlook right back to “market in correction”. So far, this prolonged downtrend has been orderly, although no one seems to be talking about “green shoots” anymore. The “double dip” catch phrase is creeping back into the lexicon.
With the market in correction, none of the watch list stocks can be considered as buy candidates.
/as usual, your mileage may vary, always do your own homework