Cisco (CSCO) is acting like it is building a base after a relentless corrective period. Let's notice that CSCO's early strength popped above its nearest-term resistance line and last week's rally peak at 16.51, on the way to this morning's recovery rally peak at 16.72. [more]
In the aftermath of its powerful upleg from 57.50 (Mar 16) to 67.37 (May 12), Johnson & Johnson (NYSE: JNJ) has carved out a high-level, bullish consolidation pattern that is nearing completion ahead of the start of a new upleg that should propel prices to new highs projected to 70.00 initially. [more]
My near and intermediate-term technical work on the 10-year yield is warning me that the correction in yield off of the Feb 9 high at 3.74% is nearing completion ahead of the initiation of a new, powerful upleg. [more]
For you Apple (AAPL) devotees, and I consider myself among the faithful, my near-term work argues that the correction of the late-April upleg from 320.16 to 360.90 ended (finally) on Tuesday at 330.75. [more]
Last week we discussed for subscribers the patterns unfolding in Ford (F) and General Motors (GM). With regard to Ford, we noted that the current outlook could press the stock into the 15.20-14.80 buy window, ahead of a powerful rally that should propel Ford through key resistance at 16.00-16.50 on the way to 18.00. [more]
Since its January high at 175.34, Goldman Sachs (GS) has carved out a descending stairstep pattern that is starting to exhibit the right form of a completed correction, both in terms of its double April low at 149.55/64 and in terms of its 33-38 trading day cyclic cadence (low to low). Barring a breach of the double bottom lows, a potent GS rally period should be approaching quickly (measured in hours) that projects to 160-161 initially. GS must hurdle and sustain above 152.60/65 to trigger upside traction.
Chartwork at http://www.mptrader.com/middayminute/5/2011/3/ [more]