Tuesday, July 7, 2009

MMM -- mouth of the bear

I have just been flipping through my chart book of S&P 500 'Industrials', admiring the carnage. the candlestick pattern on 3M (MMM) caught my eye.



I think the textbooks call this pattern 'bearish engulfing'. but that is nowhere near a dramatic enough phrase for what I am viewing. not only did today's candle engulf yesterday's, but also the five candles previous. 'the mouth of the bear' we might call it.

I'll brag for a bit here. In March I went bullish on the Stock Market at the bottom when the S&P hit my long-standing target of 666. and then I stayed positive on Stocks until the S&P neared my target of 962, which I forecasted in the beginning of May. did the index actually hit my target? no, not quite, but it came pretty close, with an intraday high of 956.23 a few weeks back. luckily I was not married to my precise target and explained repeatedly early last month that the market was in the process of topping out.

did any other service forecast the March bottom and June top with as much accuracy as Trend & Value?

do you think the daily Trend & Value Letter might be worth 28 bucks a month? there is only one way to find out. use the payment button at the top of the blog.

thanks for reading. time for me to resume my role as a hunble newsletter writer. but I might have to take a shower first to wash off the obnoxious blogger residue.