Video: 10 Stocks that could Retest Their Lows
Here is S&P’s Sam Stovall discussing his thoughts on which stocks could get hit the hardest if we retest the November/March lows.
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Three things to consider:
1. The 3/6/09 lows were on light volume. If the markets always have to go back and test the latest low, then it would never make much headway up as it would always be channeling down.
2. Some very good technicians consider the possibility that 3/6/09 lows were actually a retest of the 11/21/08 lows which would be a failed breakdown. This would a negate the need for a retest of 3/6/09.
3. Before these "experts" start calling for a test of the 3/6/09 lows, they ought to see if the S&P continues to hold at the $805 area. Proceed to step 1 before worrying about step 2.