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Friday, November 22, 2013

MCK

One of the weaknesses I have noticed in the price relative scan is that in strong markets, which we have had all year, it is hard to pick out stocks that are going o be long term leaders. Coming out of the corrections of May and November 2012, I pin pointed several stocks that went on to lead the market for months: this year it has been much harder. MCK broke out today after a brief period of price relative stalling, but it is hard to tell if the price relative line hit a new high or not: it might not hit one until next week, by which time this will be a litle extended. It is likely this will go higher in the short term, as it is the leading stock in the leading group in the market, but as far as long term strength, I am not so confident; we have yet to see how it acts in a correction.

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