I didn't get this out in time before TD broke its bear flag, but I feel the stock still has some more downside left. It was setting up as a textbook bear flag and sure enough today it broke support. Its next support should be between 45.50 and 47.00 area. That is where I plan to add to my core holdings.
I was fortunate enough to sell off most of my CVX position around 117. Right now I believe that CVX has a high probability that it will break down below 109 and head to around 105. The 105 area would be my first target, but ultimately I believe that CVX could see between 98-100 over the next 4-6 weeks.
Chipotle could soon see a breakout from this falling wedge pattern. I have personally been adding to my position over the last couple weeks. Positive divergences on the weekly chart and negative news doesn't seem to be driving the stock lower anymore. That is usually a positive sign that the direction of the stock could be changing soon.
I last commented on Tiffany when I stated that it provided a solid entry back around the $61 level. Since then the stock has been on a tear hitting $85 up almost 40%. Although I believe that the company will continue higher in the future, for the next several months TIF could consolidate around this level. It has significant resistance between 85 and 87.
I know that I have posted on this company in the past and I have been watching this setup for quite sometime. I have been a major shareholder in the company ever since they bought out my position in Reservoir Minerals. I converted over my cost basis and its only $1.27. I own almost 4000 shares in the company and plan to continue to hold for the foreseeable future. Company pays a nice 5% yield at today's price.
I still feel that we could see further weakness in the gold stocks. My downside target indicated above on the chart.
I like the setup here on Potash Corp. It recently reported one of its worst quarterly earnings in its history, but yet the stock has failed to breakdown. It also reported a 60% dividend cut. If a stocks fails to breakdown on horrible news it usually means that the tide is about to change. I plan on adding to my position this week. A breakout above 18-18.50 would be very positive.
American Express looks cheap even after the recent 30% rise in its stock. I plan to add to my position here soon. Notice how the EV/EBITDA ratio is almost as cheap as during the finacial crisis of 2008. Also noticed how price bottomed before the ratio did. My biggest issue with the stock is the low starting yield of 1.6%, but I am not going to let that stop me from buying one of the Worlds top brands.
TROW is currently resting on its 30 year uptrend line. I feel that right now is a good time to add to your longer term positions. TROW has zero long term debt and has been increasing its dividends for more than 25 years in a row. Current yield is over 3% and it has a history of paying out special dividends ever couple of years.