You can go to View>Header and Footer, create as many copies of a text box
containing the word "Confidential" as you want, formatted as you wish and
positioned wherever you like (as long as they are not set for In Line with
Text - preferably use Behind Text text wrapping). They can't, however, be
rotated to read diagonally the way the standard watermark is.
If you want something more elaborate, create a file in a graphics program,
save it as a jpeg or png, then use the Printed Watermark feature to specify
that file as a picture rather than the Text watermark option.
HTH |:>)
Bob Jones
[MVP] Office:Mac