Berney & TM Thanks for the line work.
I've always felt that it is easier to find agreement on the relatively objective lines of support and resistance. Whereas trend lines are part art and part science, so consensus helps to validate.
I don't know what to make of this rally? Odd to me that OEX and SOX would have such bullish candle charts yet NDX was not participating. Seems that the strength may have been in the oxymoron sector......you know .... the "value techs" ggg (ie. AMD, PE ~8)
I took a look at the biggest of the big, looking for some "general" leadership. Interesting that the 6 stocks with market cap >200 bil. are C, GE, PFE, WMT, XOM, MSFT. One dominant player in each industry rather than INTC, CSCO, ORCL etc. Seems more back to normal. Of their charts, PFE looks good for a scalp to me BWDIK.
Regards
-John |
