For a market that essentially finished flat for the week, there sure were a lot of fireworks. Technically, though, it all went pretty much according to plan, as the expected 16300 bounce happened on Thursday.
I suspect we’re not out of the woods yet, and think a dip to 16K is likely.
When someone from the FED speaks, utilities are always the first to react. We saw that with (D), but it bounced nicely on Friday. Look for the comeback to continue.
Where have I been with Sherwin-Williams (SHW)? I always like to buy a stock when I first start using its product or service. Think about buying Starbucks (SBUX) the first time you had a coffee there. So, I should have bought SHW when we first started painting. Looks like there’s still time, though.
Back next week to celebrate the Dog Days of Summer. Here’s hoping the Friday rally wasn’t a mirage.
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."