Does anyone trade this stock often?
I've been driven to the US markets in a bid to find a larger array of liquid targets to short sell via fpo's (sometimes it's hard to find enough Aussie stock via local brokers to short sell or eto's are too expensive etc etc, the cost of brokerage is lower too)...I'm waiting for a broad counter-trend rally in the US markets to see how strong any test of resistance is in Wal Mart....appears to be ranging atm in a horizontal channel after peaking some time ago (note the thrust/test of September 2006 in the bar chart below), so is this a distribution pattern??...if this is what they call a defensive stock maybe it'll hold up but I prefer to only look at the chart atm....just observing and waiting for the test to give me an indication of the strength of sellers. Note the lower highs and lower lows since the all time high, price action appears to be more sideways than down though.
In Elliott Wave parlance this is most likely a Wave-4 on the monthlies. Note the breakdown from the triangle in 2004.
This is an article on WMT for those who follow fundamentals: http://articles.moneycentral.msn.com...alMartEra.aspx