Whilst the main market closed moderately mixed, there was very significant strength in General Electric (GE) which settled +3.6% at $28.94. Critical support at the $27.00 threshold recently held, and with a change of leadership, GE is accelerating back toward the $30s.
I have been highlighting lately - both publicly and privately, that GE is 'one of those stocks that the equity bulls MUST see resume back upward to have confidence in the broader bullish outlook'.
A fair few others out there (such as Josh Brown, regular on CNBC) also recognised how the low $27s needed to hold.
GE saw a low on May 18th of $27.10, with a key marginally higher low of $27.16 on May 30th.
Mid term target: by year end, $31/32, with 33/34 best case.
By late spring/early summer 2018, the $37s will top of the channel.
GE remains HUGELY important to the broader bullish case, and whether you trade it or not, its an important one to watch.