If you were looking for reasons to worry about the market – and, unfortunately, I always am – you found them this week.
But, it wasn’t the down week I was worried about. Instead, it was the break, and non-recovery below that fairly long uptrend line. Now, to the market’s defense, it did rally back from lows both Thursday and Friday. But, the upward momentum is clearly broken, so for now I’d be a bit cautious.
Looking for more ominous signs? Take a look at the VXX (VXX), which is a proxy for the VIX. It hasn’t skyrocketed…yet. (That will happen on a severely ugly day.) But since it hasn’t gone below 18, it’s sending a signal that the rally may be waning.
It’s tough to end on a negative note, so take a look at Comcast (CMCSA). The cable giant gets bashed for its high prices, but think about it: as my all-in-one home entertainment center – TV, DVR, Internet – I save a ton of money avoiding movie theaters, video rentals, buying magazines, etc.
It’s dropped into a low risk area to buy, so load up if you’re so inclined.
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."