Sand Spring Advisors LLC
One We Still Like, and Two We Don't
March 27, 2002
by, Barclay T. Leib
Are the major equity indices building up to a downside smash into June? This is certainly possible, but within ongoing choppy markets where 150 point down days in the DJIA suddenly get reversed with tedious regularity, being a nimble stock picker has never been more important.
Along these lines, here are three stocks that look to be of some interest on purely technical grounds.
The first, Cadbury Schwepps, is an old favorite of ours that we still like - at least for a pop into the $31.70 vicinity where we find a double Fibonacci band.
Chart produced using Advanced GET End-of-Day
The second, Mattel, looks to us to still be missing a major low near $6.55. On a pattern-match basis, the recent period of strength reminds us of K-Mart's rally awhile back from $5 to $13 on that stock's path to $0.60.
Chart produced using Advanced GET End-of-Day
And the last, Caterpillar, is of course a very economically and dollar sensitive stock. Dollar strength almost always flows directly into a diminished CAT bottom line. And since we still see one last push in the dollar toward .7750 versus the euro, we think CAT's recent strength is likely to have been misplaced as well. Is that another missing low that we spy?
Chart produced using Advanced GET End-of-Day
These are just a few quicky technical perspectives for those searching for trading opportunities that may be particularly timely. As always, we suggest that people do their own research before following our advice blindly.
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