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The Chartman

Wall Street’s Rally May Look Bullish, But Sideways Action is Still King

Wall Street’s Rally may Look Bullish, But Sideways Action is Still King

Even though Wall Street’s rally this week may have looked bullish, sideways action still reigns supreme.

Last week I noted the market was tough to read and this past week’s action certainly confirmed my thesis: the consistent theme was choppiness!

But, the Dow is back to new monthly highs and that could be a bullish indicator.  Still, I think sideways action is still king.

As for individual stocks, I usually focus on companies or services I use.  But, what about companies I avoid, but that my kids use?  Therefore, let’s look at Groupon (GRPN) and Facebook (FB).

That’s it for this week.  Let’s hope the summer rally lasts more than two days!

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."