PKG (8/4/13, +0.00%)
Last week all the major U.S. indexes moved higher. The NASDAQ jumped 2.1%, the S&P 500 climbed 1.1%, the NYSE composite added 0.7%, and the Dow tacked on 0.6%. The IBD outlook remains at “confirmed uptrend”. Although the rally plods on, convincing volume is still lacking and the distribution count continues to mount. Don’t expect a lot of market excitement this week as there will be little economic data to chew on, earnings season is winding down, and the Washington D.C. politicians are off on vacation. Stay disciplined, purchasing only top rated stocks at proper buy points. This certainly isn’t a particularly robust uptrend, but it is an uptrend, ride it until it drops.
This week one watch list stock is currently near a proper buy point. BIIB, trading at $227.76, has formed a 2nd stage cup with handle base with a potential buy point of $234.84.
/as usual, your mileage may vary, always do your own homework
Making money off this Watch List? Feel free to tip the dealer!