I know, you now, we know, it is buying weakness and selling strength where the money is made. I imagine lots of chart-chasers got taken out or turned bearish today.
Congratulations to most of the posters here who, yet again, did not buy into last week's bounce. I see nothing compelling today that would make me be looking for anything other than a technical bounce -- a wiggle -- in the short-term. I am going to be away Friday and Monday so I am hoping they can bounce this thing so that I can go away with a third of my Rydex back in URSA at reasonable levels.
We had lots of new lows today, vis a vis the decline off the May highs. Some of the bigger names that have held up this market have little but air now between the market and the April lows. While tech did not punch new lows today, just about every other major index did.
I go back to that failure in $XMI that I am so fond of. It was a real tell for me and I am happy to have trusted what Lassie was saying. I hope it goes so well next time.
Just rolling through the Dow stocks for fun:
UTX, -2.95%, New low for the move
Fell off the shelf. Nothing now but air back to the lows. Quite amazing this one as it set a new ATH out of the March lows in a stunning advance from $64 to $87 and has now given back 85% of that.
HWP, -2.68%
Whatever. Relentless dribble down continues. Surprised there isn't some sort of shareholder revolt there. Did not even take part in the April rally really -- just floated a little higher with the tide.
MMM, -2.33%, New low for the move
Similar to UTX. Probing under the shelf that held since July. Buy it if you believe in triple bottoms. -g
JPM, -2.27%, New low for the move
What can we say that's not been said a hundred times. Good giving requires the banks to cooperate. Period.
AA, -2.01%
Holding up fairly well after that August slide. Looks like a good short to me.
CAT, -1.86%
Is this a defensive stock! -g You'd think it was MO the way it acts. Weird how it grinds higher in the face of a world economy in contraction. Don't know any of the fundamentals.
BA, -1.83%, New low for the move
Ouch. Condit and co landed in Chicago and the stock has landed somewhere south of that. Just above March lows now.
HD, -1.79%
To me, it looks like it's falling out of bed as of today.
GE, -1.50%
My favourite. I don't go long when GE doesn't bring higher prices to life. This goes back weeks for me and has been one of the cornerstones of my skepticism about rallies. I got no pretty picture, but it's a very important test here. Still above the 78% retrace, so it's still "on top of old smokey" for now.
WMT, -1.89%
I don't do retailers and there are easier things to bet against in a recession than this well-run discounter.
INTC, -1.43%
Yawn. Don't worry Intel bulls, this is only a "seasonal" decline.
DIS, -1.35%
Weekly chart since 1998 looks like Mickey's head -- a giant head and shoulders formation and we are less than a point above the neckline. Recessions are not good for their business I am guessing. It gave up its March lows a while ago.
PG, -1.29%
Whatever. Again, there are easier targets imo.
MRK, -1.27%
Looks like a nice roll out of the recent big bounce. What kind of market have we become used to where stocks go up 10% in a week or a day. It's a casino still.
C, -1.27%, New low for the move
One of the RUMX clan that did its giving earlier on and is treading water.
JNJ, -1.09%
Again, there are easier targets. Another of the runs to an ATH off the March lows. Recessions are bullish for consumer goods and snacks I guess.
DD, -.96%
March lows very close again. Not a good week at all here. The technical bounce of last week has rolled hard.
IP
I don't know a thing about IP, but they must make something that is in wide demand during times of economic contraction. Near its ATH so what other conclusion is there?
MSFT
Nothing new need be said. I think they should be in front of the judge for a variety of other crimes. Someday, maybe "talking up your stock while unloading so fast that your embarrassed" will be a punishable offence.
IBM
It's just better at eating other people's slice of the pie these days. Peter complains about losing, Paul seems happy.
MO
The gyronormous top continues. The bear is young when a defensive stock is doing so well. What are those investors smoking? -g
GM
A leader to the downside. Cars on lots and cars under lease do not impress us.
KO
There are easier targets. Looks like it may be finished with a very large 'flat' dating back to the Apr low. Anybody who can see the recent months as anything but corrective has better eyes than me.
AXP
I remember posting the wedge it built out of the March lows. It really is pretty. -ng Anyway, a little ways to go yet before the March lows and the measured move out of said wedge.
HON, -1.33%
Don't care. Is this one of those foolish "dogs of the dow"? -g ("Somebody please buy it so we can boot it from the Dow.")
T
LOL
EK
See HON.
MCD
Nice rally. Nice breakout. Was a great short at $30.75
Now it has to convince the bears who shorted that double top that folks are going to eat more Big Macs as their disposable income shrinks. Not hard to find articles in the last months about the difficulties they face, yet up the stock goes -- funny how that works. -g
XON
Wish I knew something about oil and oil services. (BTW, anybody think oil services will catch a bid. Sure is beaten up.)
SBC
See INTC. |
