AMCX (12/09/12, -4.87%)
Last week all the major U.S. indexes turned higher. The NASDAQ climbed 1.7%, the NYSE composite added 1.3%, the S&P 500 gained 1.2%, and the Dow inched up 0.4%. The IBD outlook remains at “confirmed uptrend”. Despite their upward move, the indexes picked up more distribution days, not what bulls want to see. The”fiscal cliff” is now imminent, with no significant deal anywhere near the table. Investors seem to be quite fatigued by the “cliff” issue and, even if the country goes over at the end of the year, that most likely contingency might be so baked in at this point that the market reaction to the actual event may be more of a whimper than a bang. Either way, the “cliff” will be in the rear view mirror soon. Until then, keep your portfolio on a short leash and enjoy the Holidays.
This week two watch list stocks are at or near proper buy points. LMCA, trading at $114.98, broke out of a 2nd stage cup with handle base, on good volume, and is still within 5% of a $113.44 buy point. MA, trading at $493.57, is still within 5% of a $486.18 buy point, after breaking out of a 3rd stage flat base on base pattern.
/as usual, your mileage may vary, always do your own homework