Oh boy, that was a rocky week. And with the political battle set to continue, what’s a poor trader to do?
Well, it’s been rough, but I still think the market moves up rather than down. You can see my analysis below. Basically, we’ve formed a huge piece of congestion, but those are usually resolved with another leg up. Probably AFTER this whole cliff thing is resolved, however.
Now, what specifically to buy? I have to go back to what’s become a bellwether, and that’s Apple (AAPL). It’s had a rough time lately, but rough times for stocks like this are normally buying opportunities. Just in case, though, I’d have a stop just below $500.
Finally, it’s the holiday time, and no matter your religious bent, it’s tough not to escape Christmas. I enjoy the holiday as much as anyone and I always get sappy when that old Budweiser commercial plays.
In fact, as strange as it sounds, Anheuser Busch (BUD) pretty much symbolizes Christmas for me, so I wanted to see how the stock was doing.
Sure enough, it’s holding its own, and if it can break that upper resistance, I think it’ll make a good buy.
Have a great holiday. I’ll be back next Friday to look at some 2013 stocks!
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."