After a week of fairly negative action, I thought Friday marked the start of another leg up. It certainly was bullish, as all the indices broke above significant resistance. I guess we’ll see soon if the late summer rally is a go.
As for individual stocks, there’s a lot of focus on Facebook (FB). But, what about LinkedIn (LNKD)? I think the Friday move was nice, but a bit more needs to be done. Keep an eye on it, though, as the bulls may drive this higher.
Another stock on the cusp of a buying opportunity is ExxonMobil (XOM). Oil prices are rising and XOM is getting into range. Wait for a close above resistance, though, before striking.
That’s it for this week. I’m off next week, but back after that.
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."