Weekly Watch List


LULU (6/25/11, +16.00%)
FOSL (3/12/11, +56.15%)
NFLX (7/30/10, +179.80%)
HS (3/5/11, +21.82%)
PRGO (4/2/11, +14.89%)
INFA (10/16/10, +44.36%)
CVLT (6/4/11, +9.21%)
ILMN (5/7/11, +2.30%)
HUM (6/11/11, +3.02%)
EW (7/9/11, -2.17%)

Additions:
None

Subtractions:
ARUN (6/25/11, +4.31%)

Last week, the major indexes all took a dive. The Nasdaq dropped 2.4%, the NYSE composite fell 2.2%, the S&P 500 slipped 2.1%, and the Dow moved down 1.4%, The week started off on a sour note with significant losses on higher volume, pushing the IBD outlook over to “uptrend under pressure” and the rest of the week did little to relieve that pressure. Proceed with caution. It’s probably best to avoid making any more new purchases for the time being and keep your portfolio on a short leash until the markets pick a direction, especially with the looming debt ceiling crisis overhang. Chances are that the debt ceiling crisis will be averted and the markets should pop. However, on the off chance that the debt limit is not raised before August, apocalyptic economic chaos will ensue and I’d expect that the markets will plunge accordingly.

That said, if you enjoy living dangerously, this week three watch list stocks, NFLX, HS, and PRGO are at or near proper buy points. NFLX, trading at $286.93, has eased to within 5% of a $277.80 buy point off a late stage base breakout. HS, trading at $45.55, has eased to within 5% of a $45.21 buy point after breaking out of a flat box base. PRGO, trading at $91.80, has dipped slightly below a $92.40 buy point after breaking out of a cup base.

/as usual, your mileage may vary, always do your own homework

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