August 25, 2010 - Buy ENDP
Stocks are searching for support around the Dow 10K level. Some stocks are holding up quite well and looking for traction here. We're a little light on the long side with only one position, so I've been looking for stocks that have displayed relative strength even during market weakness.
I have had my eye on Endo Pharmaceuticals (NASDAQ:ENDP) for quite awhile. I didn't want to chase it, but it seems to have consolidated a bit after its recent run, so let's enter a long position. It carries a STRONG BUY rating in the Sabrient Ratings Algorithm, and a top-notch Company Outlook Score of 99 and a fantastic Composite Score of 100 (considering Value, Growth, and Momentum characteristics). I am adding it as a Long position to the Select Opportunity Portfolio at a price of $28.62 that I see right now.
I'll place a mental stop at a closing price below the August 18 opening price of $26.22, which marked the start of its recent run up.