A. O. Smith Corp. (AOS) opened this morning at a new 52 week high after reporting better than expected second quarter earnings and raised its '07 outlook.
Trading today at about 48.85 (up 4.96 for the day) makes it a 35.5% gain in a little over 7 months when on 12/7/06 AOS came up in this blog at 36.06.
I think it's time to take profits.
Wednesday, July 18, 2007
Wednesday, July 11, 2007
Rough Waters Ahead
Those of you who follow the charts realize that there is good reason to be concerned about the near term of the market.
Many stock and indices' graphs have made a definite "head and shoulders" formation. This may indicate a serious downturn in U. S. equities.
Yesterday, the S&P 500 broke below its 50 day moving average of 1513.47 closing at about 1510, if we don't get a significant rebound today, we should see further deterioration of stock prices. If so, brace yourselves for a rough ride.
Many stock and indices' graphs have made a definite "head and shoulders" formation. This may indicate a serious downturn in U. S. equities.
Yesterday, the S&P 500 broke below its 50 day moving average of 1513.47 closing at about 1510, if we don't get a significant rebound today, we should see further deterioration of stock prices. If so, brace yourselves for a rough ride.
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