I suppose my fears from last week were justified, but it took the last 30 minutes of Friday for my bearishness to be realized.
Granted, before that the market was just kind of limping along, but the final few minutes saw a 100 point selloff. Ouch.
So, if I was leaning to the bear side last week, this week did nothing to change my mind. Call me worried, only more so.
On days like Friday, I always look to see what’s actually going up, and noting if those are current or future buys.
I can’t recommend anything right now, but Amazon (AMZN) looks nice if it moves just a little higher.
HSN (HSNI) is in the same boat. It was relatively strong Friday, and if it has one more good close, I’d rate it as a buy.
I’m off next week, so maybe that’s the chart to break this down market. Back in 2 weeks with – hopefully – some good news.
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."