Later in the day I bought 400 shares of MMM at $88.75.
The stock shows no signs of the recent market slide. I know some of you are scratching your heads thinking “it’s dropped from $92 to $88.” I see that too, and I like it. While many stocks pulled back quickly on heavy volume, 3M did so gradually on light volume, with stronger volume on the up days. This is a bullish pullback to support (price and moving average support are right at $88).
My stop is place a bit under support, with my initial target at the recent high. For those counting, I am now long 3 stocks and short 2. I will likely add short positions if the market bounces on low volume, or violates major support.