The stock has taken off without the tradable curtsy we’d wanted. Now, uptrending ABC patterns of many degrees are driving the rally, implying that business in the U.S. will remain buoyant, at least, for the foreseeable future. If the buying continues today, exceeding an external peak at 93.29 recorded on March 26 (see inset), it would clinch the bullish case for the near-to-intermediate term. ________ UPDATE (11:24 p.m. EDT): Thursday’s strong rally hit 94.26, demonstrating that bulls are in charge of this stock even with the broad averages languishing. _______ UPDATE (October 22, 3:02 a.m. EDT): FedEx is still the strongest of the bellwether stocks I am monitoring. To maintain its relative strength, however, will require an impulsive thrust today on the ‘hourly’ that exceeds 93.70. _______ UPDATE (October 23, 12:41 ap.m. EDT): The stock is showing excellent relative strength today relative to a Dow Average that is down 230 points. In the end, however, FDX, together with Apple, seem unlikely to sustain a stock market than appears to be running dry on earnings.
