Weekly Watch List


ALXN (7/24/11, +75.35%)
AAPL (4/29/12, +3.10%)
ROST (7/22/12, +0.03%)
TFM (6/17/12, +13.56%)
TJX (3/25/12, +15.09%)
VAL (7/01/12, +0.19%)
GNC (7/01/12, -3.27%)
DG (4/8/12, +9.64%)
JAH (8/5/12, +2.61%)

Additions:
None

Subtractions:
EBAY (8/5/12, -1.15%)
MNST (10/16/11, +15.03%)
ULTA (4/8/12, -10.20%)

Last week, the major U.S. indexes continued to move higher. The NASDAQ added 1.8%, the NYSE composite tacked on1.3%, the S&P 500 rose 1.1%, and the Dow moved up 0.9%. The IBD outlook remains at “confirmed uptrend”. We’re in the August doldrums, Congress and Europe are on vacation and out of the headlines, and the major indexes have broken through key psychological resistance levels to the upside on low volume. As they say, no news is good news and there don’t seem to be any obvious obstacles standing in the way of the ongoing, slow motion market melt up.

This week five watch list stocks are at or near proper buy points. AAPL, trading at $621.70, broke out of a 5th stage cup with handle base on low volume and is just above a $619.97 buy point. ROST, trading at $67.16, is still within 5% of a $64.89 buy point, off of a 5th stage flat base, and has also found support at its 10 week line. TFM, trading at $56.79, broke out of a 2nd stage double bottom base on low volume and has settled back down to just below a $57.96 buy point. TJX, trading at $44.46, has drifted back down to within 5% of a $42.91 buy point, off a 2nd stage flat base, and has also formed a four weeks tight pattern with a $45.49 buy point. VAL, trading at $52.59, is in buy range up to $56.43 after finding solid support at its 10 week line and is also forming a 2nd stage base on base pattern with a buy point of $53.85.

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

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