My screens are not generating many new volume off the high candidates through Friday's trading and actually they only generated one new name, Frishs Restaurants (ticker FRS)
I did not want to leave it at that and thought I would revisit 3M (ticker MMM).
The stock traded down on heavier than normal volume on September 10, trading to the 50-day moving average. 3M's shares traded along the moving but bounced on Friday's trading. 3M may be the stock to watch due to its weighting in the major indexes and its reach into the overall World economy. If the shares of 3M are not discounting continued economic growth, then how could the rest of the market? If any event, I am concerned that the RSI and MACD are weakening here at price highs. This is while the A/D line declines. My concerns are alleviated by the nearly 5 million shares traded on Friday, but I would look for follow through to confirm the move.
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