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The Chartman

Whew, What a Week!

The Chartman FOXBusiness

As I said last Friday, I was buying, and sure enough I did. Of course, that didnt look too bright early in the week, but by the close this Friday, the market had at least come back to finish fairly flat for the five days.

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Unfortunately, the picture right now isnt quite as positive as I had hoped. Its not dreadful  the Dow is pretty much moving sideways  but I do think the downside may be tested again. That you can see more clearly in the Nasdaq chart, as that support area may be visited again.

What about individual stocks? I bought some Apple (AAPL) early in the week, then sold into the rally. At this point, I feel the stock made a nice run, but in too short a time. That makes it overbought in my book. Keep in mind, though, Ive missed literally hundreds of points on the upside for this stock!

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On the other hand, Im eyeing Bank of America (BAC). The stock has been battered, so I may take a shot if it falls into the support area you can see on the chart. BAC is a good example of a stock I know. I realize it has problems, but I do my banking there, and I dont think itll be shutting its doors anytime soon.

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