From what I glean from the financial press, there are two distinct markets lately: Apple (AAPL) … and everything else.
Given that, I’ll look at both markets today!
First, that old fuddy-duddy market we used to admire: the Dow. There, things are humming along with a breakout earlier this week and a continued move higher. The market is overbought, so I’d still look for a pullback. But, I’ve been looking for that pullback for awhile, so chalk part of my caution up to my scaredy-cat demeanor.
The other market – AAPL – has some concerns, but it’s had those concerns before. Those are namely in the area of the reversal we saw on Thursday, where the stock opened at a high, and then spent the rest of the say selling off. Like I said, we’ve seen that action previously, but still, be cautious with this high flier.
Finally, Nike’s (NKE) new all-time high kind of snuck up on me, but the stock looks super right now. It’s trending nicely, so if you already have the stock, or are thinking of getting in, I’d have my stop right below that uptrend line.
That’s it for this week. I’ll be back next week to see if the market can continue to make my concern look foolish.
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."