Luc abx music for your ears --
From H Meisler TSC column yesterday:
Finally, I have rarely in my career recommended gold stocks. In fact, I can only
remember doing it once before. However, I chart Barrick Gold (ABX:NYSE) by
hand each day, and that chart has seen such improvement that it prompted me to
look at the weekly chart. Go look at that weekly chart: It's got a giant
head-and-shoulders bottom (left shoulder at 15 in early 1998, head at 13 in late
September, right shoulder at 16 just recently, a flat line across the tops at 24
marks the neckline). I don't think this is a move into gold stocks as a group since I
couldn't find another gold chart that looked like this, but this one was so
outstanding that I felt compelled to point it out. It's early in its move and a breakout
does not feel imminent, but a move through the neckline would measure to the
upper 30s.
On the negative side, AT&T's (T:NYSE) action is still bothersome. Be careful if it
breaks 50. McDonald's (MCD:NYSE) is oversold, so sell it on a rally. Same for
Merck (MRK:NYSE) -- sell it on a rally back to 74 to 76.
Anheuser-Busch (BUD:NYSE) has had such a great run, but it's now stalled out.
Take profits on it. Dayton Hudson (DH:NYSE) should bounce off of 64. Sell it into
such a rally. Home Depot (HD:NYSE) grabbed a lot of attention on its downgrade
last week. It now needs some more time before it rolls over again.
look at how BUD has been hit today, maybe she's moving markets |
