Stocks This Week: Buy MMM And Activision Blizzard
The monthly and weekly S&P cycles have bottomed. The 1-4-10 year cycles bottom in the first week of October. The current correction does not appear to be complete in terms of price but the cycles are bottoming.
Here are two more stock recommendations for the short term.
MMM is in a cycle buy phase. The daily cycle turns up on September 29 and tops on October 16th. The last ten cycles have been profitable over the last year. The weekly cycle (67% profitable) and the monthly cycle (100% correct) are also rising. Seasonality is supportive of higher prices. MMM has risen in the month of October 63% of the time and has closed November higher in 78% of all cases. Over the near term, MMM will likely rise closer to $166-$167. By November, the share price will likely challenge the old $172-$173 high.
Chart 3: MMM Seasonal Histogram
Blue: Average Percentage Change
Red: Probability of a rise on that day
Green: Expected Return (Product of the first 2)
Chart 4 shows that the daily Activision Blizzard cycle bottoms on the 28th and tops on October 10th. All nine buy signals have been profitable in the last year. The weekly and monthly cycles are both rising. The $82-$83 high is likely to be challenged.