Well, there might be a leadership issue... though the SOX took care of that in tech. Cyclicals/equipments are taking the lead in non-tech (MMM and CAT at 52 week highs. AA, GM, GE doing well).
PFE looks ugly (though today's candle below the bands looks like a temp low, at least). But C is another ball of wax. Yes, it looks ugly here, but the volume pattern sure is not indicative of a H+S top. And, as JJ will show you, there have been a ton of stocks lately that have made this pattern but never fallen through the neckline, meaning they are just POTENTIAL H+S's. Trying to anticipate such patterns lately has been costly for bears. I'd also note that C had three waves down from the top on the daily with A and C pretty darn close. That said, it's hard to see much bullish in the chart ... but I'm the guy who thought XLNX would break its triple bottom <g>
I was just looking at the homebuilders (stocks I wish I'd been long and vowed not to short). BZH and LEN, for two, look they moved impulsively off the high. BZH is within dimes of a 50% retrace of the down. LEN is near 38.2%. Perhaps a move in bonds will take these down a peg and knock a leg out from under the market. Then again, the reason I don't short these guys is because I have heard that logic on a daily basis for three years or so! Still, a sector to watch.
the freep |
