Steve Re "Value"
I generated some hate mail in the Value sandbox that I play in by saying that "Value is in the eye of the beholder." Seemed reasonable to me!
As you know, I've liked the brokerages since last November and still do. I noted last weekend that I liked the drugs and telecom companies this past week. I haven't checked yet, but I think they did OK in a lousy market.
Many of the telecom companies you mentioned are in the Big Boyz. It was interesting to see what bloated whales some of these are in the international market, while fairly reasonable here at home. I'll be watching to see if they get harpooned or ours go up. This is one sector that is tough for my FA scoring system, as it is obvious that the stocks are not valued by traditional means. So the sector is an example where, if I'm going to play, it has to be strictly on a TA basis. My TA says that most of them are getting to the top of their trading range. However, SBC --may-- be coming into range shortly.
The drugs have demonstrated a weakness in my weekly MACD system. I think the problem may be part of the difficulty of a non-trending market. While MRK has run from 111 to 130, its weekly MACD has been bearish the whole time. I noted last week to JT to watch it at $130. It didn't make it through.
Now, as MRK is meeting this really difficult resistance point, the weekly MACD is bearish trending bullish. A little late. My feelings are that its just the nature and trauma of a fast moving market.
Finally, for now, can you believe how HWP fell through $60. That had operated as incredible support. I'm seeing more and more busted charts. IBM is closing in on its lower trend line. On the weekly charts, I see (now) it as 104 x 129. I thought it would see strong support at $107. It's going to be interesting if Big Blue breaks down.
Just some musing from the swampland.
Berney |
