Boeing has done everything we asked of it and more, pushing decisively above a key resistance at 351.61 that had been noted here earlier. This has significantly improved the odds of a run-up to 385.83, the target of the pattern shown in today’s chart. It will also allow us to use a ‘mechanical’ set-up to get long, most immediately with a bid at the green line, stop 317.38. Since there’s always a chance BA won’t pull back to our bid, we should be open to ‘camouflage’ entry tactics on charts of lesser degree. Stay tuned to the chat room for guidance if warranted, since many in the room will know how to execute this trade. ______ UPDATE (Feb 20, 8:11 p.m.): Since Boeing has been reluctant to go the extra inch to achieve a new all-time high, let me mention that a fall to 348.49 would trip a ‘counterintuitive’ sell signal. My immediate target would be 337.47, but a decisive breach of that midpoint support would put a 315.44 target in play. Here’s the chart. _______ UPDATE (Feb 22, 11:35 p.m.): The CI sell signal has migrated slightly upward to 349.25. _______ UPDATE (Feb 25, 5:07 p.m.): Friday’s ho-hum action changed nothing in the immediate picture. Traders were too chicken-hearted to make a move in either direction. It is only above 361.045 or below 349.25 where they will signal their intentions. _______ UPDATE (Feb 26, 5:33 p.m.): Boeing finally broke out, putting the 385.83 target flagged above in play. Let me mention that the push past the 351.61 midpoint pivot was not so spectacular that I would call 385.83 a done deal, even if it seems like an odds-on bet at this point. Regardless, a pullback to the red line (351.61) could be bought ‘mechanically,’ stop 340.19. _______ UPDATE (Feb 28, 4:45 p.m): Cancel the mechanical bid and lower it to the green line at 334.50, stop 316.99. The change is in line with one I have recommended for getting long the DJIA (presumably using the Diamonds). ________ UPDATE (Mar 1, 11:15 p.m.): The stock took an impressive dive Thursday, but it’ll take another 12 points to bring it down to the ‘mechanical’ buy threshold noted above.
