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Signals of short term weakness next week

|Includes: BBD, Perrigo Company (PRGO)

Hi, this week end I have no time to write properly, therefore I just put on some thoughts.

First of all I saw some weakness in the major indexes this week. We had one distribution day on most indexes and, moreover, I saw weakness on some leader names.
This let me think that a short term correction is possible, in the size 3-5%.
At that point we'll watch the leaders attitude and see if we can buy some of them on the pull-back if they make nice patterns.

In Europe indexes looks also more in "bad shape", with the Dax that made 4 distribution days in few sessions. A correction could arrive globally and could be deeper in Europe.

Because of that I decided to sell BBD at 20.67, close to highs. I have also the problem with dollar depreciation that erode my stock gains, therefore I decided to lock the position (I bought it at 19 and few cents)

I still hold PRGO but with a limit order at 63.50. I bought it at 62.62, but unfortunately the dollar move ate all the gain. I could sell it if i see a rush up because of the forecast wrote above

And on Thursday begins ufficially the earning season with  Alcoa (NYSE:AA). The number to look for is EPS 0.07$. Above that level we could have a good reaction, below it would be a bad way to start the season.
Have a nice wekk

Disclosure: sold BBD, long PRGO