postponed. At least it didn't happen today. Which is fine. My Canadian railroad was down 16 cents. The important thing is that Darden fell $1.75 today and is now below (slightly) its 50 day moving average, and the 38.6 retracement level. That's a 6% decline for the day and brings the stock back where I "sold" it. The stock was down early when the Dow was up 100, so I don't think it was just following the market down. Maybe someone got a peak at the numbers for the quarter just ended, and didn't like what they saw.
I really don't want a rally to lift Darden. As you may have noticed, I've become emotionally involved. But Louie's rationale, while not convincing, is compelling. One thing I didn't mention last night, but the afficiandos among you realize, is that 7100 on the Dow is one half the high of 72 weeks ago. There is a rally lurking out there.
Maybe going from a 100 point gain this morning to an 88 point loss this evening will delay the rally for anther day or two, and we could see another 80 point loss with Darden leading the way down.
Tim Knight posted a list of 30 stocks with bullish possibilities today. While he's
not ready to go long just yet, I think the little hairs on the back of his neck are standing up too.
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