The bears are growling louder with more than a few cries of “this can’t last.” They may be right, but when I look at a chart of the S&P all I see is the average in a steady uptrend. No parabolic move. No blowoff top. No big runup.
Just a steady climb. The kind that infuriates the bears.
Of course, things could change overnight, but for now, best to be long.
I wanted to look at some stocks in the news, so I’ll kick things off with Groupon (GRPN). This stock had a nice break from its short term downtrend line, but I’ll like it better if it closes above that resistance. Then it has clearer sailing.
Tesla (TSLA) is also in the news, but unless you bought earlier this year, I think the recent fun falls into the “too far, too fast” category. Definitely a stock I’d consider only if it had a significant pullback.
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."