Well, that was kind of a wild week. And if you had asked me Monday if the market would shoot back up nearly 3% in a matter of days, I would not have believed it.
But, that’s exactly what happened. Yet, while moves like that are rare, they usually fail at the initial point of breakdown. We saw the start of that failure on Friday, and I’d expect a further retreat next week.
If you want to know what I was doing during the selloff, the answer is buying. I moved quickly to about 100% long by late Monday, and then sold about half into the rally.
I also picked up some SWY. Hope I’m not too greedy on my exit.
More next Friday. Hope I’m wrong about the selloff!
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."