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The Chartman

Wall Street Finds Firmer Ground

Wasn’t it just last week I thought the market was finished?  Well, never mind, as the rally resumed, making anyone uber-bearish regret their stance.

I don’t think we’re quite out of the woods yet – I’m permanently fearful! -- but for now the market is on firm ground.

I’ve noticed more and more commentators talking about gold lately, both for and against.  I’ve never been a fan, but respect its great run.  That run looks over, although the goldbug community sees this as a great buying opportunity.  

If I saw support anywhere, I might agree.  Instead, it looks like a lot of downside still to come.

You can’t talk about gold without also talking about the dollar.  There, the future looks brighter. However,  I’d wait for a close above that resistance before jumping in.

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."