The weekly chart of TXN suggests, as the broader market, we are not finished to the downside. We need basically 2 lower weekly closes on a weekly basis and on a daily 6 lower daily closes to finish the count pattern. The next support is the low of 2002 at 13.10 and TXN will very likely test those levels. This is a 'sell the rallies' stock going forward until we reach that level.That matches the overall need for the NDX to trade down to 1150 going forward, at least to price in the decreasing profits and decreasing multiplies of earnings. For me, from a value perspective, except some single stocks it's a miracle how a value investor can claim US stocks are a buy - they are soon a trading buy - that's all. The basic trend over the next years is 5-6 times earnings at reduced earnings, which might be around 300-400 SPX.
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