Maybe it was not a bad price after all. If the market really tanks from here and takes the candies down with it, 103 may be an excellent exit. It is very difficult to call the top.
Meanwhile, some still bullish people continue to try buying a row of glamour stocks, aptly called candies:
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A Deep Look at the CANDIES
by Timothy Collins
Rather than complain about the week we just struggled through, or the manner in which we closed, I thought I'd take a look at the CANDIES (Chipotle, Apple, Netflix, Deckers, Intuitive Surgical, Express Scripts and Salesforce.com) to see if they are a buy here on this large market pullback. And not only if they are a buy, but whether there is an approach to buying them beyond using just shares. First, in reviewing the weekly CANDEX (CANDIES Index) chart over the past 18 months, there has been one clear buy point, and that is when the value of the group hits the 14-week simple moving average (SMA). Although this runs through the close yesterday, we closed just at the average today, indicating a possible buying opportunity. CANDEX -- Weekly TangleTrade, Interactive Brokers Second, when I took a look at the CANDEX's outperformance versus the SPDR S&P 500... |
