so... Tony made a comment about where we were technically...
we right now are in a sort of "momentum" "breakout trap" below the 6/3 lows...
The rubber band is very stretched at this point... and it's hard to get much further.... Today... and without a rebound...
there also seems to be one of those "Whole number" bias at the 8600 dow level.
It's also the 5/8 highs....
there are places to look for support "Beyond here"... 88.6....
Pisani is saying "low volume".... I looked at it and ..... I just say that is undecided...
but one could also argue... that there is no panic yet....
The damage is that, one can't make an Ascending argument on the range... It is confirmed that we are "In a range"... but once you realize we are "In a range" it is usually ready to break out.
Monday, June 15, 2009
6/3 lows
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1 comment:
So we look for oversold sectors/ stocks for rebound at some point. Something low risk and sold for no good reason.
My entry into this category is JNJ. I had no position til today but have been in and out of it for a while. Sure, it's like a mutual fund, but it's very well run company. And has a 3.5% dividend paid in US dollars, increased 3 cents this quarter.
Health care reform? How bout more stents and less cardiac surgery, JNJ wins. More meds, less surgery, JNJ wins.
Just a thought... down over 2% today.
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