Last week, I noted the market was likely to bounce. It did, and my sole reason was that it was butting up against the downtrend line. IF the market was to rebound, last Monday was going to be the day.
That worked out nicely, but I’ve been doing this long enough to know that even batting .555 is pretty darn good.
Of course, now I’m not sure what will happen. Personally, I’ll continue selling stocks I bought on the last dip if the market continues to rise. Only if it falls, will I start buying again.
With the sharp move up, new purchases have been slim. I did pick up Pfizer (PFE) recently, and am hoping for further gains.
With Twitter (TWTR), I haven’t been so fortunate. I’ve been riding it down, adding to my position as it’s been sinking. (Remember, I can be patient.) It finally showed a spark last week, but I’ll be quick to sell if it continues to ascend.
Back next week to try to make sense of this elevator ride.
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."