Since Feb 27 we recommended stepping aside to see where it would go. Clearly it is making the correction larger than before and is going for the 61.8% retracement level at about $106
I realize that Bill Carrigan likes the stock, as per the Star report d.d. April 11 titled â€œShares of multinationals offer profit, protectionâ€. I do not understand where from he draws that conclusion as the stock lost 50% in 3-4 months, hardly blue chip behavior. In the article he also refers to one of the 4 bears, as in the â€œNight with the Bearsâ€ as a â€œlunatic fringeâ€ presumable for believing in the Kondratiev long-wave cycle. Which, by the way, was first discovered in 1913 by Jacob van Gelderen , a very sane Dutchman.