Thursday, 22 March 2012

HPQ: one of the weakest dow stocks

The Dow closed 45pts lower today, a fair chunk of that would have been due to HPQ, which had yet another lousy day.

HPQ, daily

The little bear flag is confirmed, and a test of last Octobers low of 22 now seems very likely. A break of 22 would be a real victory for the doomster bears out there. All those calling for a significant wave lower will need to see stocks like HPQ show this level of weakness.

Note the higher vol' today, someone was bailing out of HPQ today. Will there be follow through tomorrow? A further fall seems more likely than an immediate bounce.