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The Chartman

Wall Street Rally: Buyer Beware

Of all the surprising things about this market – and there are many – the wide-ranging congestion is at the top.  I’ve seen sideways movement before, but never with this kind of recurring amplitude.  

Honestly, I don’t know what to make of it, but I suppose it doesn’t matter: the market is near the top of the range and feels weak lately.  I’d be careful about adding any new holdings right now.

When I run out of stocks to talk about, I like to dip into my own personal stash and let you know what I’ve been doing.  I added two stocks this week, but I think if you wait a bit, you’ll find a better entry.

First up is ExxonMobil (XOM).  I always like this stock, and once it clears $90, that’ll be a good time to act.

I know Pepco (POM) is a “boring utility,” but it actually has a lot of pop to it.  It’s another one ready to fly once it clears resistance.

Back next week to see if the Dow can move sideways instead of retreating back below 15000!

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."