If X can trade an entire session above $26, this will setup a very nice buy signal. One of my favorite signals of all time is not a technical signal at all, but a KICK-OUT of the S&P500
Index. I don't publish these often, so don't expect me to continue posting them. This one is especially interesting because we are kicking an old classic out of an index, and it just seems like the end of an era to kick X out of the S&P
. This is kind of like when self-winding-windows in our cars went away.
The reason this is a buy signal is that a removal from the S&P500
Index forces people to sell it without thinking and historically speaking, companies that come out of the S&P500
Index have done particularly well, especially over the ensuing 3-6-9 month time frames.
I don't see X going under $24, but I have put the stop at $23.37 and am looking for a long term goal of $33-$34.
Tim 1:15PM EST, Monday, June 30, 2014 X 25.96 last, -0.06. Low today $25.57 on a gap down.