Boy, just when things were going swimmingly, the market had that nasty Thursday. Didn’t see that coming.
But, Friday’s rally may have reversed the reversal, so to speak, and the market is at least back on the fence. It may go higher, or sink lower, so I’d be cautious right now and wait for the next big move.
Like any trader, I get a lot of trades wrong. The trick is knowing when to cut your losses and when to stick it out. For stocks that I’d intend to own for a long time anyway, it’s easy for me to hang on. Here are two that, so far, are clunkers.
The first is Safeway (SWY). I bought it about a week ago, when it pulled back to $35. Unfortunately, it’s kept pulling back!
Under Armour (UA) has been another bad trade for me. However, I’m hanging in there.
Back next week to see if the market has chosen to sink or swim.
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."