Okay, this past week was pure nastiness. In fact, it was even worse than a big selloff, as the market offered a glimpse of hope for a midweek rebound.
So you start feeling like you can breathe again, only to go through a Thursday and Friday that were just ugly.
That said, I think we’ll bounce again next week. How long will it last? Hopefully longer than 2 days!
Traders, though, are usually quick to adapt to changing conditions (good traders, anyway). Me? I try to stick to what I think works historically, and that means buying my favorites on a selloff. We’ve certainly had a few of those lately, and I’ve been in and out of a lot of stocks. Let’s look at two I’m now holding, both of which I bought Friday. I’ll start with MasterCard (MA), which I bought early Friday morning.
The other stock I picked up was Kraft Foods (KRFT). This hasn’t seen a lot of pullbacks, and I’m hoping this one is short.
Back next week to see if the Nasdaq can muster any kind of strength!
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."