Last week all the major U.S. indexes staggered to the upside. The Dow added 0.8, the NYSE composite tacked on 0.7%, the S&P 500 rose 0.6%, and the NASDAQ inched up 0.1%. The IBD outlook remains at “confirmed uptrend”. The market barely made any headway and actually picked up more distribution, not a particularly encouraging sign. This week, the FOMC meeting will be the primary focus for investors and, since the Fed is already all in as far as monetary policy goes, any potential catalyst based on news coming out of the meeting will most likely move the market to the downside. That said, for now the uptrend continues, stay long and prosper until the market tells you otherwise.
This week, two watch list stocks are in a proper buy range. HCA, trading at $37.92, found support at its ten week line, is in buy range up to $41.58, and may be forming a 2nd stage flat base with a potential buy point of $39.70. CI, trading at $62.63, found support at its ten week line and is in buy range up to $65.33.
/as usual, your mileage may vary, always do your own homework