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PTR'S OPINION OF
KEY SUPPORT AND RESISTANCE FOR SOME KEY STOCK MARKET INDEXES, AND/OR KEY
INDIVIDUAL STOCKS, THAT "MAY" IMPACT THE OVERALL U.S. STOCK MARKET
For the P
riceTime-Review GENERAL ELECTRIC COMPANY (NYSE: GE) 10/4/04 Anyone that knows wave patterns want to tell me that GE doesn't at least "look like" a huge A down and B up wave? Also, the all time high in monthly volume came in March of this year, 2004, and the volume last month (September) was 1/2 that amount. Needless to say, this is one of the most important stocks on Planet Earth since it is número uno in the world based on Market Cap., at least at this time, and, in my opinion, it either must break that line at $34 this month with an increase in volume or the second phase of the Big Bear Market is not far away. AS you can see on this chart, GE is above the "key" 1:1 angle coming down from the all time high, in 2000 @ $58, and by this "key test" would be classified by Mr. Gann as "bullish or neutral." On the other hand, GE is "still" battling the key 1:1 angle coming up from the last major low, in March 2003 OR October 2002, and will not be "assumed to be" bullish, by me anyway, unless it breaks away from the "grasp" of the angle. However, once again, since the price is also about to break above the 1:2 angle coming down then the overall "bias" for GE should be considered "slightly bullish" at this point in time. Andrew Quiggly Editor |
