Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 478.52

-2.8%

Dec 10 3:59 PM EST

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To: kendall harmon who wrote (16879)	5/6/2002 8:48:33 PM
From: Susan G	Read Replies (1) of 26752

Breakdowns of note from today...the "safe" stocks and the recently strong the DOW stocks are now cracking...all of these I noticed are non techs except for IBM. I just took a look at a few of the dow favorites that have been climbing no stop for months, if anyone else knows of others please post them. NVR - this one is a big deal to see crack, it is the king of the housing stocks, almost made it to 400 last week, rolled over and started heading down today closing at 368. An omen for the housing stocks? This was the leader... also closed with a doji on the monthly, usually a sure sign of the top. WMT - broke down through the important 200 MA daily after having a bearish evening doji star at Friday's close. Those often act as huge resistance on any move up. Obvious institutional dumping the past week is seen on the chart now. HD, also dove through the 200 MA daily. Also obvious distribution on this too. IBM - broke the 1998 lows after crashing through the weekly 50 EMA on Friday... yeow. JNJ, showing the first signs of weakness after an awesome climb, closed with a bearish evening star tonight on the MONTHLY chart, often long term candle patterns are more meaningful than short term. BBY, broke down last week as all the EMAs rolled over to the downside, and closed with a bearish shooting star candle on the daily today.

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