Weekly Watch List


LULU
NFLX
FOSL
AGP
HS
INFA
PRGO
ILMN
HUM
BIDU
EW
CVLT
MDCO

Additions:
HUM
MDCO

Subtractions:
AAPL
ARUN
LCAPA

Last week, the major indices all cratered. The Nasdaq plunged 3.3%, the NYSE composite tanked 2.5%, the S&P 500 dropped 2.2%, and the Dow gave up 1.6%. The IBD outlook remains at “market in correction”. Part of the problem here is that the markets are just methodically grinding lower, there’s been no cathartic capitulation on volume that could mark a bottom. Personally, I don’t think we’re headed for a “double dip”, the economy will improve in the second half of 2011, and equities are oversold at these levels. That said, you can’t argue with the tape, we’re blowing out all sorts of support levels to the downside, so look out below. Don’t try and be a hero and catch the falling knife. Be patient, play defense, and wait for the eventual confirmed uptrend.

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

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