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Look at the Charts

3/10/2015
By Charles Payne, CEO & Principal Analyst

Technical views of Apple (AAPL), IBM (IBM), and the Dow Jones Industrial Average:

First, Apple is like the famous free agent coming to town with a lot of pressure to live up to the hype.  One could argue the chart is in a cup and handle formation; it is very bullish and on the cusp of a major breakout.

AAPL

There are a couple of laggards in the Dow, but none more derelict than IBM, which has been the worst performing company for two years running. However, the stock has been forming a base of support and hints at trying to stage a rally. I think the spark for such a breakout could be a major acquisition that shows a more determined effort to dominate the cloud, not tiptoeing behind the crowd.

IBM

With Apple leading the way and IBM coming in strong (or maybe Caterpillar and/or McDonalds), the Dow would have the right leadership to rally through 18,000 straight to 19,000.

Dow Jones Industrial Average 

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Charles Payne
Wall Street Strategies


 

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