Well, that was kind of an unpleasant week, but I don’t think all is lost for the bulls. In fact, all the market did was pull back to the breakout area it set in November. And given that it held there both Thursday and Friday, that indicates it may have found support and is ready to move higher.
We’ll know better next week, of course, but for now, I still think we see a Christmas rally.
One stock in the news this week was JPMorgan (JPM) because it’s starting its own version of Bitcoin. I’m not enamored with that tactic, but I’m also the same guy who missed a 9,000% move in Bitcoin.
Regardless, I think the stock may be a “buy” on the next breakout.
When the market’s weak, it’s always good to look at stocks that are strong. “Strong” can sometimes just mean moving sideways in a down market, and Amazon (AMZN) is a good example. I think its next big move will be up.
Back next week to see if Santa brings goodies…or coal!
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."