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Jim Van Meerten
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Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs and Seeking Alpha. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and... More
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  • Carnival Cruises Continue To Hit The Rocks 0 comments
    Jan 25, 2012 10:57 AM | about stocks: CCL, AXP

    Carnival Cruises (CCL) is having one fiasco after another. I had just about talked my wife into an ocean cruise when the Costa Concordia owned by Carnival hit the rocks and sank on January 13th. I was watching the news on January 24th just as divers pulled another missing body from the wreckage. I could hear the postman's truck coming down the street and went to get my mail.

    To my surprise there was a joint mailing from Carnival Cruises (NYSE:CCL) and American Express (AXP) offering me a $100 on board credit if I would book a cruise on the already sunk Costa Concordia. I called the 800 number on the offer to give them my opinion that it was not only in poor taste but a marketing blunder by them for not pulling a mailing weeks after the ship had sunk.

    To my surprise instead of getting an apology and maybe a offering of a discount on another cruise - which is what I would have done if I managed the call center - the phone rep started ripping me a new one. When I voiced that I thought she was out of line and asked to speak to a supervisor she really let loose on me again and hung up on me.

    I was stunned! Here was an opportunity to perform damage control and market to a potential customer another cruise and they chose to blow it by attacking me.

    I wasn't a new customer. Last summer my mother and I took a very enjoyable 14 day cruise to Alaska on the Holland America ship called the Amsterdam and thought the $12,000 total we spent on the cruise was a great value.

    Enough about how poorly Carnival is handling this disaster let's look at the numbers. They tell me more than just the ship has hit the rocks:

    Barchart technical indicators:


    • 96% Barchart technical sell signal
    • Trend Spotter sell signal
    • Below it's 20, 50 and 100 day moving average
    • 35.44% off its previous 1 year high
    • Relative strength Index 41.15% and sinking
    • Recently traded at 30.79 which is below its 50 day moving average of 32.73
    Stocks: CCL, AXP
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