The Internet Information Providers index is above the 50% price retrace level and never threatened the low during the 2007-2008 decline. Price was supported by the 1×1 ascending (as expected) but will most likely find resistance at the 1×1 descending. These companies (GOOG, BIDU, AKAM, etc) are holding up well during the bear market.
The Trucking industry index held up exceptionally well until the 25% time cycle in July 2008. Price then broke down through the 1×1 angle to the 2×1 descending angle. Price has moved back above the 1×1 angle in the past two weeks. I would not think that trucking is strong in the short to intermediate term. But considering the extent of the bear market for most industries, this chart looks strong in the long term.
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Tags: Gann Angle Fan2 Comments
Andy, ohhh not so sure about the trucking, High fuel costs could eat up their bottom line and look at the news on Buster Brown(UPS), Pilots take a roll-over of over 131million and UPS makes out like a wolf in sheeps clothing. (No jobs in the airline industry, so they rolled or they lost their jobs).Of course Management took a small cut in Pay(lost their 401k match from the co. and pay was frozen. I am sure that really hurt their back pocket(LOL!) Now, the question is will they go after their Superior Truck Drivers! if they do the stock will soar! Look at the Once Giant Yellow Freight…they dug themselves a grave….if UPS get s concessions from the drivers….WOW! Yellow will suffer because of UPS Freight, Brown will have the extra bucks to withstand the cartell’s high prices, and what could happen to FedEX if all of this happens…ouch!….FedEx is in court batteling for its life, and trying to hold the Wolves back, their own so called employees and the Teamsters who want them badly and UPS is funding the whole thing….gets interesting. Thats what you get when you lie to the IRS and owe millions in back taxes for saying contracted truck drivers are employees….funny how things catch up with people and co’s. So, will FedEx roll over and join the RR act, and have teamster employees instead of contracted ones.???? Fred Smith is in trouble in my opinion. His #’s don’t look good. But He is up against What can Brown do for You….screw you in the ground and spit you out…LOL! They own the best lobbyist in the country and spend the most $$ on the floor, funny they always get their way, and have $ left over. Can you tell I own a few shares! actually I own both, so, I say buy UPS long term, but wait for a pull back, I think next quarter’s # will suck, loss of revenue is up bad for all 3 from what I can tell. Overseas accounts and cargo shipping is down for Brown.
On a lighter note, this market goes Up from here into the final move, have a great night everyone…
Libby – I don’t know much about funnymentals. The chart says trucking is strong. Maybe it will weaken eventually. Right now, the best charts are: JBHT,ODFL,PATR,MRTN,ABFS,WERN,KNX,FWRD,HTLD,LSTR