Well, that was an interesting week. After a horrible Monday, the market rebounded and more than made back its early losses.
Unfortunately, the comeback feels “too far, too fast” and when that happens the bounce is likely to fail at the new resistance line. As a trader, I’d look to go short there. Otherwise, this is a time to sit the market out.
Along the lines of sitting it out, I want to show 2 stocks today where I’ve been painfully doing that, watching them slowly kill me. I’m an optimist, though, and since I ONLY buy stocks I love, I’ll buy more as they sink lower.
First up is (AAPL) and with the stock buyback, it showed signs of life. Hope that continues.
(MAT) has also been horrible lately, but it’s actually coming into an area where I’ll buy more.
Back next week to bring you some Valentines’ Day charm!
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."