Silly Tiffany Bats can't wear diamonds.

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TIF             has formed a bullish bat chart. Go short to pick up some quick gains. Momentum got denied today, and went flat at -0.0718 as it tried to break into positive territory. MACD shows an overlap which I believe will carry it over into further negative territory. RSI is also trending lower from an extremely overbought period. The stock hasn't been that overbought in a little over a year. Also the CMF             is declining at a rapid rate. There are two resistance points at $64.01 and $61.52, I would take some profits here. If we see a repeat of last year during the summer, then I believe it goes as low as $50. For all the fundamentalists out there Tiffany's warned Q1 earnings would tumble 15% to 20%. I personally don't understand the hype on this company, I mean they beat earnings by 0.01 in Q4! That should be their strongest quarter! Not only that but but gross margins slipped to 59.1% from 60.4%. They also missed on revenue. Their biggest sales growth came out of Europe where sales were up 3%. Europe isn't exactly in tip top shape right now. They have had trouble getting into watches which is the strongest category in jewelry today. This would bring them an excess amount of money long term. Robert Drbul, a retail analyst at Barclay's said, "Watches as a category have been strong but Tiffany is nowhere in it". My personal opinion is that they continue to go lower.
Do you belive in moon phases?
Haha, can't say that I do. I just used them to make my Bat Chart pop even more. It is kind of interesting how well it lined up with the chart though. Usually you only have one or two line ups.
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