Buzz & Banter
According to recently released Harris poll, 16% of adult Americans have tattoos. I polled the office here and wouldn't you know it, including interns, 16% of this office has tattoos. On the other hand, only 16% of the patrons last night at the Little Iguana Liquor Lounge didn't have tattoos. Weird.
How do they do it? No, not how do they conduct an accurate poll, how do they pay someone to put a permanent cartoon on their body? More importantly, how did I convince myself that any of this was either interesting or appropriate?
What I really wanted to do was put up a chart of General Electric (GE). Todd has mentioned the importance of GE a number of times today, and I wanted to show two views of the stock because I agree with him that the stock is more important than many give it credit for being.
The first view is the long-term chart of GE. It shows very clearly two important areas. One, the primary downtrend that has been intact for more than two years, and two, the significance of the resistance area at 32 that the stock has struggled with for more than 15 months. A print of 29 reverses this chart to a column of Os for the first time since July.
The second view is a short-term .5x3 chart. Remember the discussion of maps yesterday (here)? This is much like the downtown city map of GE. The chart above is the cross-country GE chart. On the chart below a 29 print is also important (the low today is 29.20); it's the first sell signal for this stock since bear trap signal in July. As well, the stock has formed a lower high this month to precede the potential sell signal.
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