Predictably enough, the market did just enough this week to confound both the bears and the bulls. The latter started running scared from Monday through Thursday. The former saw their balloon deflated with Friday’s bounce off support.
In fact, I’d say the bounce was textbook and solid enough that the bulls are back in command. We’ll see next week, though, if the bounce was just a pause, however, as part of a bigger downtrend.
This week I wanted to focus on more mundane stocks. They’re part of my investment portfolio and both pay nice dividends. Honestly, there’s nothing wrong with “Grandma stocks”!
The first is Procter & Gamble (PG). If you don’t own it, you might want to wait until it breaks the current congestion before buying.
The other stock is Philip Morris (PM). This has been performing very well, so if you’re already long, use that trendline as a nice trailing stop.
Okay, back next week to see what kind of curveballs the market throws at us.
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."