Long-Term Perspective on Walmart

While the selloff in Walmart after earnings today is bringing out many pundits who are listing the reasons to be bearish on the iconic name going forward, the zoomed-out monthly chart, updated below, provides some context for WMT's price action dating back two decades or so.

As you can plainly see, WMT has been methodical and steady in its ascent. The stock broke out of a massive, tight base (highlighted in light blue) in 2012, formed a diamond consolidation (also highlighted in light blue), then broke higher from that pattern late-last year. 

In other words, some giveback here is fine, as long as the low-$90s now holds as support. As much fun as it may be to declare the end of WMT, the reality is that there is little-to-no damage done to the long-term chart yet. 

Elsewhere, the broad market is turning into a mixed session thus far. Tech names continue to be of interest. I will update a list of sound charts we are stalking for Members in my usual Midday Video.