Stocks This Week: Buy PTC And Sell Short Herman Miller
The S&P has enough momentum to sustain the rally into Friday, the 8th. This day is a short-term cycle peak and a projected turning point. The index is due to pull back for about two weeks.
The PTC daily cycle bottoms on the 2nd and peaks on the 8th. The daily cycle buy signals have been profitable in all eight cases in the last year. The weekly cycle also points up. This is a risky trade because the shares are extremely overbought. And I suspect that 8th will be a short-term market high. Price is likely to rise to $125 or higher.
PTC Daily Cycle
PTC Daily Graph
The daily Herman Miller cycle (all ten sell signals have been accurate in the last year) tops on January 2nd and bottoms on January 21st. In addition, both the weekly and the monthly cycles are in decline. The seasonality shows weakness in the stock in early January. The $26-$28 area is a reasonable downside target. Momentum and relative strength are weak.
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MLHR Daily Cycle
MLHR Daily Graph