what's next

COH didnt make a new low on daily for the last 3 candles, even though volume is still decent. In particular the market today in general was upbeat, but COH traded in a narrow range all day long and got shot down every time when she attempts to break above $52.80. If big boys' accumulation were easily disguised during last few day's speedy price mark down by profit takers selling at high 50s and traders joined the short side party, however today they have showed their hands by capping the price. Volume is no less, but price not tanking further, which shows demand is in the background soaking up supply.

Now we are on our 2nd round of roller coaster ride from 60 down, profit takers who rode the way up from sub 50 should have left the building and a lot of fresh buy 'n' hold long termers have signed up on the registry. How strong are their determination to hold the stock of this fundamentally sound company? This will be put to the test in coming days/weeks IMO.

Greece is still a mess and the market is pricing in a default one way or the other. But what's got market worried even more is Italy, Italian bond yield rise to new high tells the truth. The 3rd largest economy in Euro would drag French banks down and you can imagine the domino effect around the world. More likely this year we would see a death by a thousand cuts than a rally to xmas, IMO.

Should a market meltdown unfold, the 2008 GFC low around $43 would become a point of reference....Let's sit back and wait Mr Market tells the story....