Time to Sit on Wall Street’s Sidelines

By

Published January 24, 2014

| FOXBusiness

Okay, this past week was ugly.  And to be honest, I never saw it coming.  In fact, I believe last week I was still bullish!

Well, Market  1, Chartman, 0 -- but strangely my gut says it’s time to buy.  Of course, trading on my gut usually gets me in trouble, so for now, I’m sitting on the sidelines waiting for the selling to subside.

On nasty days, it’s always a good idea to see if anything in your portfolio is up.  If so, those are good indications of where hidden strength may lie and which stocks to concentrate on.  I had exactly TWO stocks up on Friday, one of which is a “buy” right now.

The first one, Procter & Gamble (PG), looks great -- but only if it breaks the downtrend line.  Hopefully, that will be soon.

Kimberly Clark (KMB), however, already made a nice break.  I think it goes to at least $115.

That’s all for now from the Stock Vortex, where the temperature is downright chilly.  I’m off next week, but back in time for balmy February.

URL

http://www.foxbusiness.com/investing/2014/01/24/time-to-sit-on-wall-streets-sidelines/