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Buzz and Banter



A quick shout out to 3M (MMM: NYSE), which reported earnings this morning: the stock is up more than five points and pushing toward the 136 resistance area. I've said before that this stock bears watching, and so far today it's a small bright spot among the gathering clouds (in my opinion).

You can call me a pessimist. No seriously, you can. The near-term relative strength of this stock remains negative despite today's smiley face, but discipline requires that I respect the chart. On the two-point Point & Figure chart the stock must tick at 138 to generate a new buy signal, but I'd consider a move to 137 (a new high) significant regardless. That's what I'm monitoring.

On the indicator front the NYSE Bullish Percent is on offense at 76.8% after losing a bit of ground on Friday (despite the deceptive green to close the week). Meanwhile, the NYSE High-Low Index, a short-term indicator, has joined the NYSE Stocks Above Their 10-Week Moving Average indicator on defense.

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No positions in stocks mentioned.

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