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The Chartman

Nasdaq Could Be in for a Bounce

Get out the Alka Seltzer, because this market can make even the most hardened trader a little nauseous. Yes, a few 1%-plus drops in the market are par for the course. But, I’m counting at least a half dozen in the past 30 days alone. Enough!

However, maybe hope is on the way as we may be completing the back end of a reverse head and shoulders. If I’m right, the Nasdaq sinks only a bit more before bouncing. If I’m wrong?  Oy.

So what was I doing on Friday?  Buying some of my favorites. First up was Teva Pharmaceutical (TEVA) as it headed straight to support.

Amazon (AMZN) got hammered, but I really don’t care what analysts think. I see a great company near a long uptrend line. Time to buy.

Back next week to see if I’m at all happy about my bullishness!

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."