BIIB (6/30/13, +0.00%)
Last week all the major U.S. indexes turned higher. The NASDAQ moved up 1.4%, the NYSE composite gained 1.0%, the S&P 500 tacked on 0.9%, and the Dow added 0.7%. The IBD outlook remains at “market in correction”. Don’t expect a whole lot of volume or volatility during the upcoming holiday shortened week. The economic news highlight will be Friday’s June employment situation report but the big question is, will any traders still be around to react to it? By now, you should be in a completely defensive posture, waiting for the next uptrend. Continue to sit on your cash and enjoy a relaxing 4th of July or feel free to dabble on the short side if you crave a trading action fix.
With the market in correction, none of the watch list stocks can be considered as buy candidates.
/as usual, your mileage may vary, always do your own homework
The following stocks currently exhibit potential technical characteristics consistent with historically successful shorting opportunities, emphasis on POTENTIAL:
INCORRECTLY SHORTING STOCKS CAN LEAD TO UNLIMITED LOSSES. Proceed at your own risk.
/How to Make Money Selling Stocks Short by William J. O’Neil