For the better part of the day, it sure looked like this was the beginning of an April swoon. But, by day’s end the market pretty much righted itself – again! – and all was forgotten.
But, in looking back to last April, it was right about this time the market hesitated, stumbled, and didn’t really bounce until June. The same pattern might be in the offing again, so stay alert. (Translation: I’m ready for anything!)
One reason we may see a selloff is the ramp many stocks have made. I cashed some big gainers today, because in looking at the charts, their run-up just wasn’t sustainable. Johnson & Johnson (JNJ) is one I hated to part with, and I’m now hoping it drops so I can pick up more at lower prices.
I haven’t yet sold AbbVie (ABBV), but I’m ready to. Let’s face it, when a stock rises 20% in just one quarter, it’s risky to ask for much more than that.
I’ll be back next week to try to figure this market out!
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."