- Yesterday was a low volume rally, only 1.42 B shares. Today's volume doesn't seem much better. Breadth was good.
- We are seeing a divergence between the S&P and the transports. Obviously this can go on for a while. It is not a timing tool but like volume it tells you something about the character of the advance.
- McDonalds is up over a dollar on a broker upgrade. I wrote about this stock a while back when it was under the influence of rumors on it spinning off its real estate. I thought that was highly unlikely and the stock started to come back down until it came under rumors about a spinoff of its Chipolte unit. While I think that is more likely, spinning off 435 restaurants out of 30,000 is not that big a deal. European sales are improving, but total sales have been slowing on a quarterly basis since the 1st qtr of 04.
- 1st 04 - 17.8%
- 2nd04 - 11.7%
- 3rd04 - 9.8%
- 4th04 - 10.3%
- 1st05 - 7.97%
- 2nd05 - 6.3%
- Doesn't look like the receipe for a 20% gainer since 7/7.
Wednesday, September 07, 2005
THREE QUICK THOUGHTS
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