Soft Stalwarts

"Just another clue"
--Benjamin Franklin Gates (National Treasure)

Maybe nothing, but thought it interesting that two 'safety' stalwarts failed to hold higher levels this week. Procter & Gamble (PG) broke to multi-year highs a month or so back on announcement of a big downsizing project. The stock was holding higher on declining volume (bad sign). Last week it dipped below the breakout line on higher volume (another bad sign). Support has once again become resistance.

Johnson & Johnson (JNJ) has been battling the $66 threshold for the past year. A week or so back it was able to push thru. Like PG, however, the volume was not impressive and it too fell back thru support this past week. The stock now sits on its 50 day MA. If it break much below this level, then the ascending wedge pattern that has been in play will also be in jeopardy.

All of this may be insignificant. However, these are typical 'go to' names in the face of market weakness that we saw last week. Yet they didn't find much love.

position in JNJ