If you’re a bull, this was the week you’ve been waiting for since early August. In fact, Thursday was the DAY you’ve been waiting for, as it was not only strong, but broke the month-long sideways congestion. I view that as the clearest sign the market will tack on further gains.
I’m sometimes asked where I get ideas for stocks and apart from looking at charts, I get a lot of input just from daily life. There’s no better “lab” in that regard than the local shopping mall.
This past weekend, I noticed long lines at the Lenscrafters and thought the stock might make a good buy. They’re owned by Luxottica (LUX) and if you’re patient, I think this might make a nice play.
The other store that was crowded was Abercrombie & Fitch (ANF). My family is probably a little old for their clothing, but the store was packed with teenagers. It’s another stock where if you wait for the breakout, you’ll be in good shape.
Now let’s see if the market has legs. Next week might bring a small consolidation, so we’ll see what mid-September brings.
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."