Both Friday and Monday, we got the same bearish type of market action. The market opens higher, climbs for a bit, and then, spends the rest of the day selling off, and closing lower than the open. That’s called a pop and drop. It’s bearish. After the long rally from 2/11, it’s showing signs of giving up right at the point of greatest overhead resistance, and, I will also add, pretty much the last place it could have climbed to, before it would have negated the entire bearish market projection I had become convinced of since the weekend of January 29. In other words, if it declines from here, it will be confirming the Bear Market call.
A check of all the technical indicators still speak of risk being high, but coming off a bit. But, nowhere near anything approaching a low-risk market entry opportunity at this time.
A run of the program for the very finest of the safe-dividend growers possessing up-trending EPS estimate lines, lovely dividend payouts in the low double-digits, and a price chart that isn’t out-and-out bearish are the following 19 safe-dividend growers, none of which I would be a buyer of at this time: NKE, PSA, HRL, JKHY, SBUX, TJX, HD, LOW, EFX, COST, AOS, EL, NOC, FDS, CVS, SYK, UNH, NDAQ and FL.
Asia closed mixed. Europe is up slightly, and our own futures are trading upward slightly. Will it possibly pop and drop again?
Here’s to your successful investing!
Harold F Crowell