The Dow has rolled hard the previous times it hit this line:
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Today's not starting out too great. Profit-taking before 10 a.m.? Gap em up and leave J6P holding the bag?
NYSE A/D line is back where it peaked previously too. SPX and COMPX are near their January bottoms and September downtrend lines. If we break through these levels, I'm going long on margin. Trannies need 10% to confirm the Dow, assuming the Dow can close above 11,035, where I would peg a higher high.
I took a look at Cisco recently and thought it looked awful (compare it to MSFT's very nice base/inverted H&S/downtrend break). Both charts are in the same timeframe (weekly). Glad I bought CSCO anyway. ;-) I was also long NT, but bailed on that, and dumped NOK on what I thought was an island reversal at 25 (the problem with those ADRs). You win some, you lose some, but I've managed to make some money over the last year, so I can't complain too much.
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I've never had a shorter watch list. These are the stocks I'm considering buying on strong pullbacks: BA, UTX, HRB, TYC, AA, NWL, TXT, HD, SPLS, PAYX, NOK. The fundamentals (and valuations) are just atrocious out there. |
