GE Challenges Blue Chips
Difficult to believe that the DJIA could be up 80 points,
with 23 of the 30 components trading higher, and GE
acting AND LOOKING so miserable! As we speak, the
price structure is pressing towards a full-fledged retest
of its Oct. 2005 low at 32.67, which MUST contain the
weakness to avert a plunge into the 30-29 next target
zone. Can the Blue Chips rally without the bluest of
Blue Chips, GE? Alternatively, is this ugly picture of GE
a window to impending weakness in the DJIA? I don't
really know. But I do know that the enclosed chart
is fraught with technical challenges, which do NOT bode
well for the outlook for the U.S. economy.
MJP 01/24/06 2:30 PM ET 32.99
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