Same Old Story
What happens
when the Fed tries to give a party and nobody shows up? That
continues to be the story of this year. Think about it. Six Fed cuts since Jan.
3 and all major indices remain down. If that doesn’t put some worry on the
table, I don’t know what will.
The Dow, S&P 500 and the Nasdaq are still in less-than stellar technical
shape. I do believe a rally can ensue  because of oversold conditions but I
don’t expect great upside from here. How about a continued trading range? I will
take it.
A few breakouts look OK here. Notice how excited I am. Keep in mind, the last
set of breakouts from a few weeks ago, for the most part, have failed.
(
MAT |
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Chart |
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PowerRating) — pulling out of a trading range with insiders buying near the highs.
(
FBN |
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PowerRating) — coming out of a five-month base.
(
EDMC |
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News |
PowerRating) — trying to break out of a long base in the strong SCHOOLS
group.
Lastly, the gappers are
working. Please review what has happened to
(
CVS |
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PowerRating),
(
WAG |
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PowerRating),
(
MANU |
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PowerRating),
(
SYMC |
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PowerRating)
and
(
MER |
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PowerRating) after they had gapped down. All have followed through on their
respective gaps.
Â
Until Friday,