Weekly Watch List

OCN (3/17/13, +4.34%)
JAZZ (5/26/13, +0.00%)
LYB (5/19/13, -2.38%)

JAZZ (5/26/13, +0.00%)

VLO (5/5/13, +6.57%)

Last week all the major U.S. indexes turned lower. The Dow eased 0.3%, the NASDAQ and S&P 500 each shed 1.1%, and the NYSE composite lost 1.4%. The IBD outlook remains at “confirmed uptrend”. Equities stumbled a bit as the long weekly winning streak came to an end. The indexes picked up some distribution but the levels remain reasonable. Whether this one week setback in the rally is a pause that refreshes or the beginning of a larger consolidation or correction is hard to say. At this point, the prudent course of action is to watch the market action carefully, adopt a more cautious stance, and keep a tighter leash on your portfolio. Remain disciplined with any new purchases, buying only high quality stocks in proper buy range, and don’t let any gains, even modest ones, turn into losses. There’s no shame in taking small profits given the current market conditions.

This week, one watch list stock is currently near a proper buy point. LYB, trading at $65.72, is hovering just below a $65.79 buy point after breaking out of a 1st stage cup base.

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


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