PKG (9/25/13, -2.07%)
Last week all the major U.S. indexes turned higher. The NASDAQ jumped 2.0%, the NYSE composite climbed 1.8%, the S&P 500 gained 1.4%, and the Dow added 0.8%. The IBD outlook remains at “market in correction”. Even though the overall market action was constructive last week, resist the temptation to try and anticipate an uptrend and get in early. Stay disciplined and demand to see a legitimate follow through day, “when a major index closes significantly higher than the previous day, and in greater volume”, before wading back in on the long side. There’s little in the way of scheduled, significant economic news in the coming week and there’s plenty of potential downside catalysts looming on the near term horizon, including Syria and the necessity of reaching a fiscal deal for funding the Government as the U.S. Congress comes back in session. Until these major uncertainties are resolved and off the table, it’s best to just watch from the sidelines. Continue to be patient, play defense, and keep your watch lists updated.
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
Making money off this Watch List? Feel free to tip the dealer!