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The Chartman

More Choppiness to Come for Wall Street

By The Chartman FOXBusiness

I guess Friday’s action was predictable as the Dow was right near the high set only a few weeks ago.  So, after a sharp move up, a small retreat was certainly in the cards.  I’m not sure it marks a new wave down, but I’d wait for a close above resistance before turning heavily to the bull side.

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As for specific stocks, I wanted to look at Yahoo! (YHOO) after all of the hullabaloo about the new chief executive officer.  I don’t know if she’ll be good or bad, but the stock is worth buying if it can eclipse that current triangle to the upside.

Finally, I still believe General Electric (GE) is a bellwether stock and like the Dow it seems to be marking time.  Overall, the prospects look bullish, but like Yahoo!, I’d wait before acting.

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That’s it for this week.  I honestly think we’re in the “summer doldrums” for now, so expect more choppiness in weeks to come.