I don’t know how many times I bitch and moan about this but some areas of the mainstream financial media must be filtered to an extreme, almost as if they are purposely trying to mislead you. In the previous post this morning I highlighted some Semiconductor crack for the masses being dispensed. This post from November 3 highlighted why QCOM and MDT media pieces were hatchet jobs, and why I continued to hold.
The media had blared forth on negative efficacy about stents, which are key product lines of MDT and competitor, BSX. Before that, the media tanked QCOM, giving me the opportunity to buy before its big upside reversal on news that actually meant something.
Being constructive on the Medical Device sector (I also hold CRY, MZOR a speculative med. robotics company to remain nameless and the iShares itself, IHI) we scouted an opportunity in MDT a couple of months ago using weekly charts (per NFTRH‘s Charts & Notes segment) and an intermediate downtrend channel, falling wedge and still intact longer-term up channel. Here’s a daily chart after Medtronic’s results were just fine.
The day the stent gross out hit the presses I was annoyed, but I am learning to be more patient, and with the weekly chart unbroken I continued to hold. Today is a reward for that patience.
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