You Must Listen?
“You have to listen to analysts, because the
Street listens to analysts."
If
I had listened to that advice from a man a few years ago, I would most likely
not be writing this column every day, because I would be in the poor house. What
is important is not what an analyst or anyone says, but rather what action takes
place on the charts.
11:24:55
Intraday Setup Alert
Kraft Foods (KFT)
is trending down after being upgraded by CSFB to “strong buy” from “buy.” So
far the stock is telling us that it doesn’t care about the upgrade, and is
sticking to its major trend. Watch for a break below intraday support of 36.70
to trigger further selling. KFT is down 0.13 at 36.85.
This was a stock that was profiled this morning in the
TradingSubscriptions.com News Reversal Service, but the stock gave a good
potential trade opportunity when it broke down out of a triangle on the intraday
chart.
Tune out the noise, and trade what you see. When a stock doesn’t
go up on bullish news, it is likely to go down, and the reverse is true for a
stock with bearish news goes up. Let the market tell you what is going on with a
stock, not anyone else.
Have a great weekend,