QIHU (9/8/13, +5.78%)
Last week all the major U.S. indexes moved higher. The NASDAQ jumped 1.70%, the NYSE Composite climbed 1.57%, the S&P 500 added 1.56%, and the DJIA gained 1.27%. On Wednesday, the S&P 500 set a new record high on good volume and the IBD outlook improved to “uptrend resumes”. The S&P 500 also picked up another distribution day on Tuesday and the overall market distribution levels remain elevated. The market continues its meandering melt up with multiple indexes notching record highs. Don’t try to second guess this slow motion rally, continue to take the gains being given, although be prepared to change direction quickly if the already substantial distribution gets any worse. Stay disciplined and don’t chase extended charts, only consider buying high quality stocks in proper buy ranges.
This week QIHU is not near a proper buy point.
/as usual, your mileage may vary, always do your own homework
Making money off this Watch List? Feel free to tip the dealer!