GLOBAL INDICES and DOW 30 - KICKING OUT GM - Whether they kick it out of DOW 30 or not does not matter anymore. The damage to DOW has been done. “What was good for the country was good for GM”, the misquoted quote of Charles Erwin Wilson, makes more sense now, as markets punish the underperformer. The markets are ruthless and continue to polarize winners from other laggards.
First the performers, IBM, JHONSON&JHONSON, MACDONALD’S, WALMART are at historical highs. While ALCOA, CHEVRON and EXXON are suggesting down. Exxon broke key primary channel supports at 85. It may be a premature to look for a sustained negativity, but when you add the downward impulse on ALCOA, CHEVRON testing multi year primary supports and BRENT falling from 145 to 128 dollars, one does not want to be too courageous with positive expectations. We are looking down on the three energy and material stocks.
Between the winners and losers, we have some trading bottom formations. The banking sector, hit some key supports and made some clear key reversal formations. Barring AIG and CITI, the other three DOW banking majors viz. JPMORGAN, BANK OF AMERICA and AMERICAN EXPRESS suggest upside potential. At least the next week looks higher. Even struggling CITI above 20 looks attractive. Telecom majors AT&T and VERIZON still remain negative. Technology sector remains mixed. Microsoft remains negative. While HP (above 43) along with INTEL (above 20) suggest positive potential. Barring 3M, rest Industrial majors viz. BOEING, UNITED TECHNOLOGIES, CATERPILLAR and GENERAL ELECTRIC suggest intermediate and minor supports and upside potential from current levels. COCA COLA, DISNEY and MERCK are still bottoming. DUPONT, MERCK, HOME DEPOT, PNG and PFIZER are still struggling at key Fibonacci levels.
Global markets found anticipated support across the board. S&P500 marginally broke our mentioned targets at 1230 and turned back. DAX hit our 6,000 target and bounced. Barring IRTS (RUSSIA), which is more commodity centric, a similar positive story runs through CAC, FTSE, BVSP, SSEC, BSESN and NIKKEI. How far the current supports hold and create a decisive turn for Q3 remains to be seen. But markets have shown a concerted effort we were looking for last time. We have updated the DOW 30 component tracker along with the latest counts for Indices.
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