Not a great week for the markets, but in taking a step back, not all that bad. Yes, there was a massive two-day selloff, but all that did was bring the Dow back to support. Hitting that support, however, caused a bounce, leaving the market in a fairly strong position. In short, I still think it can rise back to long-term resistance. Beyond that, I can’t venture a guess.
On the FOX Business block this weekend, we’ll be discussing Greece, and the European markets in general. Given that, I thought it’d be interesting to look at both a Greek stock and the euro.
First up is NBG, the National Bank of Greece, and it’s been sliding for a while (no surprise there). It’s not a buy now, but if it can rally above that downtrend line, it may be worth taking a shot.
As for the euro, it’s also been sliding for a few years, albeit in a wide downtrend channel. It is close to a breakout, though, but wait for it to show some strength before pouncing.
In general, this market is requiring some patience. I tend to lean on the bullish side, though; November and December are usually positive months. We’ll see if that plays out for the rest of the year.
Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."