Last week, the major indexes had their best week in years. The Nasdaq vaulted 7.6%, the NYSE composite leaped 6.1%, the S&P 500 jumped 6%. and the Dow climbed 4.9%. Wednesday’s positive action on volume higher than the day before switched the IBD outlook to “confirmed uptrend”. Although Wednesday’s follow through day wasn’t as strong as you’d like to see to start a new uptrend, Friday’s upward move bolstered the call to change the market outlook. You have a green light to buy stocks again. Dip back in gingerly and increase your aggressiveness if this new rally shows some staying power.
This week, two watch list stocks, MA and NUS, can be considered as potential buy candidates. MA, trading at $341.58, after a failed breakout attempt, has clawed it’s way back to slightly above a $340.52 entry point. NUS, trading at $44.93, recently found support at its ten week line and is in buy range up to $49.27.
/as usual, your mileage may vary, always do your own homework