Major market indexes again kissed new-high price ground, and many applauded the move as a sign of market strength. The media also seized upon the idea that the market is healthy because so many types of stocks are participating. I suppose they’re referring to the strength in hot growth names like FedEx (FDX) and United Parcel Service (UPS). Both stocks launched after earnings and ran up to respective Century Marks.
But FDX failed to hold Thursday’s breakout as it came within 2% of the $300 level and reversed, setting up a short-sale entry near the Century Mark. UPS cleared the $200 level and closed about 2% above it on Friday, so technically is a Century Mark long entry with the proviso that a reversal back below $200 would trigger a Century Mark short entry per Livermore’s Century Mark Rule in Reverse.