The stock has been screwing the pooch for more than two months, tempting me to de-list it from the home page. Instead, I’ll put out an 1842.24 rally target for now and let it steep for a while. It is shown in the chart (click on inset). The pullback to the green line did not meet our criteria for a mechanical buy, and so I did not advise it. A breach of C=1566.76 would negate the target but not necessarily the enduring, bullish look of the hourly chart. _______ UPDATE (Mar 24, 11:32 p.m. ET): After rallying more than 200 points, the stock has turned down hard just 18 points from the 1842.24 target. It remains viable, but we’ll put it aside for now in order to focus on the downtrend. A pullback to p=1704.50, stop 1658.58, would be worth considering for an old-style ‘mechanical’ long, but I am not explicitly recommending it due to the approximately $18,000 initial risk on four round lots. _______ UPDATE (Mar 26, 11:13 a.m.): The rally has launched anew off a 1747 low that got nowhere near our ‘mechanical buy’ threshold. The 1842.24 seems so certain to be reached that we should be extra cautious about treating this like a done deal. ______ UPDATE (Mar 27, 10:13 p.m.): The 1842.24 target has further receded with the weakness of the last two days. Let’s forget about it for now, since whether or not the stock gets there won’t much change our lives.
