This is remarkable. Johnson & Johnson (JNJ), for decades the most consistently “never goes down” stock out there, has busted its trendline and has clearly moved into a downtrend.
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The multi-decade chart shows what a sea-change this represents. Even at these reduced valuations, this maker of shampoo and jack-off oil products has a P/E of 34. Thirty-Four!! That used to be the realm of very risky biotech startups, but now it’s considered the proper valuation for a maker of Baby Oil.
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