Is the Walmart Epic Over?

Earnings for Walmart are coming up on May 17th, on the back of what was generally considered to be an unnecessary deal for them to buy a 77% in India's Flipkart, an enormous $16 billion deal.

Still, each time WMT has been written off over the years, even decades, the stock always seems to find a way to surprise to the upside at the most critical of junctures. Of course, we all know by now that Amazon is an omni-present cloud lingering above all WMT stores. 

However, the quarterly WMT chart, updated below, still does not show much in the way of damage. Should WMT lose the mid-$70s anytime soon, I would likely change my tune, as that would mean the highlight diamond pattern formed since 2012 would be in grave danger of failing.  

For now, though, WMT faces the usual wall of worry as they continually try to roll with the punches of a changing retail and consumer landscape. 

Elsewhere, I see that biotech is rallying in front of a Trump speech today regarding drug prices. It will be interesting to see how hard he comes down on biotech and pharmas. However, we ought not overlook the fact that those sectors also priced in plenty of bad news already with their multi-month corrections of late, since January really.