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The Chartman

Don’t Read too Deeply Into the Nasdaq’s Plunge

Oh boy, Friday sure wasn’t pleasant, especially if you had even a whiff of a “momentum” stock in your portfolio.  I had plenty – “mo-mo” stocks are companies I use every day – so I’ll look at a few and tell you what I did.

But first a look at the Nasdaq, which got crushed.

Regarding some of my momentum stocks, remember: when I start buying, I always anticipate a further drop.  If they go up immediately, that’s a bonus.  But, if they drop after I buy, I simply wait and buy even more.  Nothing drops forever, so you just have to be patient.

Anyway, let’s take a look at TD Ameritrade (AMTD).

Next up is Google (GOOG), which I’ve been getting clobbered on.  Hopefully, a bounce is near.

Back next week to see if the “Nas” can muster any kind of move up.

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."