Despite a pretty good week for the market, the bears still seem to hog the headlines. But when I look at the chart, I see a pretty neat weekly reversal. And if that reversal plays out anything like the past, the bulls could be the ones doing the talking in the future.
Speaking of talking, I got an earful when I mentioned Friday morning on Twitter that I was buying McDonald’s (MCD). The company had just announced less-than-stellar earnings, and folks thought I was crazy. And, of course, many trotted out all the fundamental reasons NOT to buy the stock.
I don’t doubt the bad news, but remember, the stock is already down 15% from its highs. That bad news is now OLD news. I think now is the time to buy.
Finally, I wanted to take a look back at Amazon (AMZN). It gapped up recently, and very often stocks pull back to fill that gap…before heading higher. So far, that’s exactly how AMZN is playing out, so we’ll see.
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."