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The Chartman

Don't be Fooled by Wall Street's Strong Week

The market rallied a bit this week, but I’m afraid the rally moved it right back to the top of the downtrend channel. That tells me we’ll see a move back down next week, but at best things will remain choppy.  

This week, I’ll focus on some stocks I discussed on FBN. First up is Home Depot (HD), which I talked about Friday night on Cavuto. We were noting how HD is seeing a sharp improvement in business. I think that improvement will continue and I like the stock as a buy.

The other stock is Netflix (NFLX). We discussed that in the context of a new company – Oyster – starting a similar business for books. I’m skeptical about Oyster, but I’ve always loved NFLX. However, the stock is near resistance, so I wouldn’t be a buyer right now.

Back next week to see if my bearishness was justified.

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."