Tuesday, March 01, 2005

Some Charts to Peruse

Below you will find three charts that are each telling a story. Two of these charts are related to the commodities bull market we are currently in and the other is of a fallen angel.

Click to Enlarge the Daily Chart Posted by Hello

This first chart is of Phelps Dodge (NYSE: PD). I wrote earlier in my post "Falling From Grace" that PD had broken down through its uptrend line and to watch out for the implications of this on the commodities market. Well, PD proved me wrong. PD moved back up above the uptrend line and then found support there once again. This shows amazing strength in a stock if you see this again some time. Phelps Dodge then went on to break above the upper boundry and has now tested support there as well.

Click to Enlarge the Weekly Chart Posted by Hello

Here is another commodities related company. This second chart is of Inco (NYSE: N). Recently Bill Cara announced a recommendation to look at Inco and I added a message to his posting that said that I was waiting for N to break out above the assymetrical triangle. Well, that has occured and I am bullish on this commodity play.

Clidk to Enlarge the Weekly Chart Posted by Hello

This last chart was the other company that I discussed in my post "Fallen From Grace", which is Fannie Mae. I don't want to gloat, but the Soothsayer of Omaha called this one. The famed investor Jim Rogers recently stated that this one is going to $8. He might have been going for shock value, but his words were loud and clear.

Best Regards,

The Soothsayer of Omaha


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