Wow, another great week for the market, as I remain firmly in the “shocked” category.
However, there’s usually a difference between what I think will happen and how I trade, and as I noted the past few weeks, I had been a buyer into the weakness.
That said, I didn’t expect to be a seller so soon, and of the 10 or 12 positions I acquired, I’ve sold all but one.
Next up, I’m expecting the market to move sideways. But, given how the Fed isn’t going away, my assumption is that move will be short-lived until the next thrust up.
While the market was moving up, some stocks saw a sharp drop on Friday. Frankly, I think they’re both buys.
The first is UPS (UPS). I actually did buy that late in the day and now look for a rebound.
I also think Boeing (BA) is a buy, although I held off for now. (I usually only buy stock in companies I use on a regular basis. Given that I fly about once a year, it’s not really in my wheel house.)
Another up week next week, or a summer pause? We’ll see next Friday.
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."