Unfortunately, last week’s prediction of a downside break came true – in spades! – on Thursday. Friday was a bit of a reprieve, and that lift might continue for a few days.
But, when the market takes a 300-point-plus knock, it usually means there’s more downside to come in the future.
Of course, there’s always something interesting to buy, so let me show you a stock I picked up on Friday, and a stock with potential.
The latter is Facebook (FB). It has stalled since the break from the downtrend, but I’d look to buy if it can clear that resistance.
As for the former, readers will know I shop at and buy Safeway (SWY) stock whenever it droops. That droopiness happened shortly after the last gap up and I bought some early Friday near support. Now we’ll see if it can rise a bit!
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."