An exceptional run since mid 2003 and has tickled the 30 week MA on three or four occasions only to bounce back upwards.
Now that support is being severely tested. The weekly charts show double touches on that average in the past three weeks with the most recent being an inside week.
I would not be certain that the run is over until I saw a solid drop below the 30 week MA.
If it does happen then I think one should accept that it may be time to take profits and wait for the recovery.
That's the chart view but I think the p.e. ratio must be on the minds of more than just a few fundamentalists. What is it's current multiple?
Even the monthly charts show the moving average being challenged.
Watch it closely gentlemen, watch it closely.
Rod, you in particular should keep a close watch, I hope to send you an email sometime soon. Dramatic things are happening in my life and I want to tell you about them.
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An exceptional run since mid 2003 and has tickled the 30 week MA...
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