The Chart du Jour
Are we back to that old rhythm of the Nasdaq rallying while the Dow takes it on the chin? Should one buy new-economy stocks versus selling old economy stocks? Friday's market behavior certainly made it seem that way, although we remain broadly neutral all the major indices for the moment. June will undoubtably be a 4th. "inside" month on the Value Line Index, and we will become more opinionated once we see how that pattern resolves itself in July or August.
Meanwhile, we thought we'd take a look at the Fibonacci rhythm on a micro- basis of that fallen angel, Xerox, pictured below.
We have drawn our Fibonacci lines not from the absolute high, but from the highest weekly close -- a technique we have found more reliable over time. Using this methodology, we come up with an extrapolated low for Xeroex toward 15 3/4 which would undoubtably complete five waves down as well.
So while around $20 a share, Xerox may seem like a steal, we'd wait for 15 3/4 before doing any bottom-picking.
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