All in all, I think the market is doing pretty well. It took some shots this week, but in looking at the chart, the uptrend remains intact. A lot probably hinges on the upcoming debate, but for now, the bulls are in charge.
I showed Research in Motion (RIMM) last week, but I wanted to update its status as it had some nice recent gains. However, not quite good enough, as it remains below that long-term uptrend line. If the gains keep coming, then I might buy, as there’ll be plenty of time to hop on board.
Finally, if you’re looking for a gauge on the economy, credit-card stocks are always a good way to go. None better than Amercian Express (AXP), and it reflects the funk we’re in. I think it’ll go higher (and hopefully along with the economy), but wait for a breakout before you buy.
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."