The Rising Influence of Rising Affluence

[santafe2]

The only thing I'll say about this Dew is that when 95% of analysts rate a great company less than a buy, there probably aren't a lot of sellers left. The pricing we see here today is a combination of the Powell put and seasonality along with litigation problem.

As I look at the price action of MMM today however it doesn't appear there are Wall Street buyers out there yet. Wall Street began buying the market just before 1PM Eastern but MMM was flat all afternoon. Four years ago this was a $250 stock, it's now half price. Somewhere around here is fair value.