March 14, 2006
Stock to Watch — Weyerhaeuser (WY)
Weyerhaeuser moved above round-number $70 to a new high on above 1.5 times average volume. You can see from this monthly chart that the stock has been trading between $40 and $70 for the last decade. Maybe it’s finally time for old WY to move up and out.
Weyerhaeuser Company engages in the growing and harvesting of timber, as well as in the manufacture, distribution, and sale of forest products principally in the United States and Canada. Weyerhaeuser, formerly known as Weyerhaeuser Timber Company, was founded in 1900 and is headquartered in Federal Way, Washington.
Cat: | Time: 9:09 am (utc+8)
March 14th, 2006 at 10:14 pm
If you look at the chart of IP International Paper on the daily chart it seems to have a cup formation that has just broken out. Maybe the Forest Products group is an area to be in.
March 15th, 2006 at 9:36 am
Thanks for the comment, Bill. I see IP breaking out on the daily, but looking at the larger time frames I also see that IP traded as high as $60 and has spent a lot of time around $40. In other words, there are a lot of folks “stuck,” which creates a lot of resistance above. That’s why I like WY more than IP here.
March 16th, 2006 at 10:24 am
[…] The Materials SPDR moved to a new all-time high on over four times average volume. Here are the XLB’s component stocks. Note that Weyerhaeuser, which I featured the other day, and IP, which was discussed in the comments of the WY post, are both prominent members of the XLB. […]