See also Feb.26 input where we suggested a buy for a rise to $16/18. It is getting there slowly but I would get out now. All 4 indicators, red arrows point to a possible immediate reversal. More importantly yhe move from the low, though perhaps not quite complete, looks a lot like a simple a-b-c, so at the very least a drop to about $13 is possible. no point in sticking around.
Wall-mart seems to be impervious to whatever happens in the market, as if it is living a life on its own. Even so a change may just be around the corner. In my mind this is still a 1-2, 1-2, and maybe another 1-2 situation. If correct the drop should start accelerating soon. Here is the chart.
$41 is a minimum expectation.
These are like the 3 musketeers, they are fighting the young ladies on the TV , CNBC, BNN etc. programs that tell us what to expect next, always up. Nothing like a little lipstick etc. to get the guys in a buying mood, never mind that should the prompter shut down, that would be the end of that. Call me a male chauvinistic pig , if you wish, but there is a good reason why they called my treasury operation Ham’s Harem. Lets just go for the adage that it takes a thief to catch one. These three are all double down bear products: the HDX on Toronto, the HSD on the S&P ( but in C$ terms) and RFN . I am partial to HXD, simple because that one came out as a mutual fund long before the other ETF’s. As usual I was too early and could not wait for my $18 prediction to buy, I own it four dollars higher. On second thought it would seem to me that RFN is the best in terms of bang for your buck, Here are the charts.
The top one is the TSE, the middle one the S&P in C$ terms and the bottom one the S&P Financials in US $$$ terms. Price wise the bottom one wins hands down, but it is also the narrowest. It can easily go from 10 to 30 in no time. Because in Cnadawe are always going from one extreme to another ,I would still favor ( favour, is how I spell this but my computer keeps telling me that I am wrong) the HXD. The real question is, is the rally done or are we at the midpoint. I am hoping that Patricia Lovitt- Reed, Amanda, Lisa, Linda , Francis etc. etc. will let me know tomorrow. My guess, looking at RY , MFC etc. is that we are done for the moment. That may still mean that we are at a mid-point ( as with Ford) but must keep an open mind in case this thing is all ready in a stall, with ice on the wings. The upside trajectory, shown by the charts, may or may not actually happen, but initially I suspect this is the direction it will go
This is a very interesting stock, in a way the embodiment of the , so often referenced Baltic Index, even it has nothing to do with it. Dry , no doubt , refers to the type of (bulk/container) goods carried, not to whether or not alcohol is served on board. The stock is interesting for the simple reason that it dropped from $130 or so to just under $3, where it would have been a screaming buy under the “always buy anything < $3, at least, for the first timeâ€. This one may provide an encore soon. Here is the big chart;
For all intents and purposes this is an A-B-C correction, the only remaining question is, is there going to be another low or is this all “base buildingâ€. Here is a little more detail, both arithmetic and log scale.
At yesterday’s low of $6.66 , yes you are reading this right, this may just be a very good buy. Unfortunately as I do not presently have the outstanding services of a large research department at my disposal , I would suggest you speak to your broker first as I know nothing about the company. Shipping, which activity almost took down Bank of America in the late 60-ties , early 70-ties is a capital intensive business and consequently has very dramatic ups and downs, regardless of under what flag business is conducted. As far as the economy is concerned, it has to be the canary in the coalmine par excellence. You are on your own, but think of the potential!