There’s no denying it: August was an ugly one for the market. However, maybe I’m just sensitive to pain, as it was only down 3%.
The interesting thing, however, is the chart of the S&P. We’ve seen two pretty big gaps and those will eventually be filled. I think the filling will come shortly, so that has me still bullish on a rebound.
I think we’ll know next week if/when the Syrian stuff gets resolved.
RTN got by unscathed in August, but I’d wait for a breakout before buying.
XOM spiked on oil concerns and then pulled back. I think the pullback is prelude to a move back up and I think oil is going higher regardless of what happens in Syria.
Back next week, hopefully with a more bullish market chart.
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."