by Sam Collins 09/30/08
General Electric Company (GE) --This enormous factor in the development, manufacture and marketing of various products for the generation, transmission, distribution, control and utilization of electricity drove to a bull market high of over $42 just one year ago.
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Since then, it has been in free-fall reaching a low of close to $22 last week. That low coincides with a low made in February 2002 and forms a huge double-bottom.
Additionally, the weekly chart above does not show two very significant daily Collins Bollinger Reversals (CBR) buy signals but does graphically illustrate the huge volume selling climax which is characteristic of big-cap bottoms.
This global household name could be the cornerstone of a portfolio and a huge future winner.
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Day after day, we've been besieged with how bad the economy really is and, yet, stocks keep plodding their way higher.
Let's not get caught up in bullish fever unless Dow 9,600 and S&P 1,010 are broken with gusto.
CAT has broken through the neckline of a major 'W' bottom and emerged with a new trading target.
The market may have enough strength to challenge huge resistance lines on the DJI and the SPX but not enough to change the intermediate trend from down to up.
Will Santa Stop at Wall Street?
Not likely. The stochastic of the major indices has issued a double sell signal, which could indicate a serious attack on the market's lows is about to occur.
