CVX, Chevron

cvx sept 1 2014cvx sept 1

Markets just love symmetry. I have no idea what it means in the case of Chevron but I just point out that the stock has moved up in two, vector equal, and identical legs since the beginning of ‘03. As it is possible to make a case that the stock has made a complete 5-wave sequence from the low of about $7 in 1982 (see also previous blogs) we would step aside.