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A sequel to Watchmen is pointless. It's not like the heroes are all friends again, off to fight evil once more. There are no supervillains, no dastardly foes. It's not like they would write some new story to get a sequel.
Speaking off, Moore and Gibbons were wanted by DC to do more Watchmen stuff after the ground-breaking story. "Rorschach's journal," "Comedian's Vietnam Diary," really pointless stuff. The only project that sounds interesting is a Minutemen story. Basically, the same thing but for the original heroes, expanding their story. But I feel that would taint the universe of these characters, as there's only one story with them, and that's how it should stay.