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The Chartman

Stay Bullish on Stocks, But be Cautious

Not really sure there’s much I can say about the market other than “remain a bull.”  Yes, I’m the same guy who thinks the market will pull back, yet day after day it makes me look silly.  I think the best advice I can give is a) be skeptical, but b) remain long…at least until you see a trendline like the one below; finally succumb to a severe break!

As for specific stocks, my local supermarket is Safeway (SWY) and a stock I’ve long loved.  It’s “on sale” lately, but I’d like it to pull back a bit more before I buy.  You can see my sweet spot below.

Another stock on my radar is CME Group (CME).  This blasted right through the downtrend line then quickly got overbought.  It needs a small retreat before I think the reward-to-risk works in my favor.

Okay, back next week.  Will the market be even higher?  I’m no longer betting against it!

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."