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Weekly Market Assessment
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Finally a Correction

Weekly Market Assessment
Finally!! The sell off that started last week, looks to be on a streak. The correction that everyone has been asking for seems to have finally arrived. The DOW yesterday broke down through its 200 day moving average not seen since February. Will we get a bounce back from here after resetting valuations that looked to be extended in regards to standard market measures? The S&P 500 has also broken down below its 100 day moving average, meanwhile the S&P Futures market broke below a major psychological level of 1900 overnight due to potential airstrikes in Iraq. Its here and when looking back into the past, time and time again has shown that this is a buying opportunity. The DOW over the course of 2 years has hit this major average and has consistently rallied into new highs.    
Overseas, Germany, Spain, Russia, Italy, Portugal and Greece indexes have all entered into correction territory this week, where their markets have now sold off more than 10% from the highs! Some analysts are saying another European recession is just around the corner. Has this made the U.S. equity market the cleanest shirt in the dirty laundry basket? Or is our market bound to follow these other markets into correction territory? It looks like we have found support at the 200 day average which was followed by a rally in the DOW of over 185 points today. Is the correction over or is another headline or geopolitical event going to take us down again after being sucked in by the market's positive reaction to this short correction.         
Making the Watchlist: Below are the stocks that I will be looking at over the coming months.  I will provide the the current stock price and why I am watching them. I will comment on them as I continue to keep an eye on them.  You will be able to see and follow their growth and/or decline. Chart links may be attached.
Valeant (VRX) $109.17- VRX is in the process of acquiring Allergan (AGN). AGN has now traded down 12% since announcing its bid to take over AGN in a stock and cash deal. Both proxy companies that represent shareholders have expressed there approval of the takeover.  
From the Trading Floor to the Option Pit: A quick look at whats on the trading desk:
S&P 500 (SPX) -I have purchased a vertical "CALL" Spread at 1925/1930, after this nice rally in the Dow and S&P I'm looking for this bounce off the major averages to continue. 
Zynga (ZNGA)- I have purchased shares of ZNGA at $2.74. It reported weak earnings and also guided lower for the year.
Valeant (VRX)- As mentioned above, I picked up common shares of VRX at $107.23 after this most recent sell off since announcing a take over bid of AGN.   

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