Last week the major U.S. indexes finished mixed. The NYSE composite gained 1.3%, the S&P 500 added 0.7%, the Dow tacked on 0.5%, and the NASDAQ lost 0.3%. The IBD outlook remains at “confirmed uptrend”. The new rally got off to a rough start with the NASDAQ picking up three distribution days. It’s not time to push the panic button yet, but the poor market action so far, with higher volume on down days and lower volume on up days, warrants taking a more cautious approach to building your long positions until the uptrend regains it’s footing or breaks down into correction. Keep a short leash on your portfolio, consider taking small profits if a stock shows signs of stalling, and cut any losses at no more than 7-8%. Take what the market’s offering and don’t give it back.
This week none of the watch list stocks are currently in a proper buy range.
/as usual, your mileage may vary, always do your own homework