One might wonder when the ultra-bear ETF industry will just fold up its tent and go home. The market seems to be driving every one of these things down to $0.00. I actually took these snapshots in the middle of the day; they are in worse shape now than they were then. (Just to be clear, I don't actually own any of these…….it was a very bad week, but not that bad!)
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Originally published on TheTechTrader.com.
Bristol-Myers Squibb Company (BMY) continues to act extremely well technically. Below is what I wrote three weeks ago, with BMY at 24.61. The big picture analysis remains unchanged, and this week's positive action — especially today's surge from 24.45 to 25.30 — argues strongly that the price structure has started the thrust off of the neckline retest (Jan low at 23.49). If such a scenario proves accurate, then BMY should be heading for 26.00-26.60 directly from here.
From our Feb 17 analysis: The huge accumulation (base) pattern that has been carved-out by BMY from early 2008 through the end of 2009, broke out to the upside in Nov. '09 at the 24.00 resistance level, which triggered upside follow- through to an initial high of 26.62. The 3 week correction from 26.62 to 23.49 now is compete, which returned the price structure to its "neckline" breakout plateau, from where it has pivoted to the upside– into what my work argues should be the initiation of a new upleg that revisits 26.62 on the way to 27.50, then 29.00-30.00. Only a plunge that breaks the Jan. low at 23.49 invalidates the intermediate term bullish set-up.