Charts tell the story. We are going to $25 (technical resistance at 25.11 or 24.78). Fundamentals are still great but some money managers must be taking money off the table are driving it down on low volume; as a result charts ae breaking down.
Market retreats here, thanks to all the CNBC and Bloomberg journalists proclaiming market is tired and driving the investor psychology. Amazing how Behavioral economics works every time. Even when the fundamentals are great, technicals break down and we are taking a short breather with the market to test 25. And then come back with a bang to higher highs like 33 and 38.90.
I had considered selling at 28 myself based on technical analysis and gettting back in at 24.76. I am on record under the topic "Don't celebrate till..." that TXT may go to 24.76 before next leg up, potentially to 38.90. At least that is what the charts indicate. However, with all the good news backing TXT, I do not want to take a chance to be out of TXT and will galdly ride it down because this is just behavioral economic at work. Technicians selling here to load back up at 24.76 or 25.11.
I plan to stay with the sure thing (I am not a day or week trader) and ride it out. Those who are holding will eventually, smile their way to a double closer to the end of the year.
By the way, this may be a short-lived dip because greek debt swap deal will get done and many stocks are already close to their next technical resistance (r.g., NOK at 4.96 is bottomed out and a steal, BAC touched 7.67).