1. After receiving a request for an opinion on Avon Products (AVP) I had to stop and think back to the last time I actually pulled a chart of that stock. To be honest, I didn't know they were still a standalone company. Nonetheless, AVP does still exist. But for how much longer I really can't say.
Rather than post a daily, weekly or monthly chart of AVP, just know the stock is bearish on virtually every timeframe imaginable. In fact, if you pull a monthly chart of AVP, you'll see the stock has been in an overall downtrend since topping out in the mid-$40s in August 2008. If you really want to roll the dice on AVP, do so against a close beneath $3.30.
The eternal optimist might stretch for hopes of a recent double bottom. But the realist would likely look at the higher timeframe chart and deduce the stock should be relegated to the dustbin.
2. For those still following the fracking sand companies (highlighted and discussed in the Sept. 22 Trader's Notebook), I'm sure we can all agree the stocks discussed were not in fact putting in higher timeframe bottoms. As discussed in my original post on the topic, I simply could not see the base Dennis Gartman referenced on CNBC's Fast Money. And after Friday's collapse of all companies discussed, I would once again urge caution if trying to catch a falling knife.
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