Using MS as an example but others are similar. Nice
support area from '09 limiting your downside but also keep in mind
that I don't believe we are near financial armegeddon. Maybe
we are. MS looks to be in a nice bottoming pattern. It
could pull back a little and form an inverse H&S or pop through
resistance here. Short term targets downtrend line that
touches price somewhere between 18 and 20. Might end up being
nice longer term trade if things play out right. In my
mind the downside appears priced in already. But, it
all depends on the market.....DYD Diligence.
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Financials deserve a look.
Posted by johnc on 21st of Oct 2011 at 03:07 pm
Using MS as an example but others are similar. Nice support area from '09 limiting your downside but also keep in mind that I don't believe we are near financial armegeddon. Maybe we are. MS looks to be in a nice bottoming pattern. It could pull back a little and form an inverse H&S or pop through resistance here. Short term targets downtrend line that touches price somewhere between 18 and 20. Might end up being nice longer term trade if things play out right. In my mind the downside appears priced in already. But, it all depends on the market.....DYD Diligence.