Last week I was pessimistic about the market moving up and we did see a small pullback. I don’t think it’s panic time, but a further drop to the uptrend line seems reasonable. If that happens, it may be time to start buying.
Oil stocks have been strong, and with worldwide tensions high, I’d take a look at ExxonMobil (XOM) (which I own.)
UPS (UPS) pretty much followed the market down this week, but when a stock falls to a solid uptrend line, it’s time to start wading in.
Back next week to see if the market can stop the slide.
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."