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Watch Procter & Gamble in Bear Market

By The Chartman FOXBusiness

When it comes to indicators, maybe we should have focused on the NYSE all along. It tried a breakout in November, but never got there, indicating some underlying weakness.

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The selling may be overdone for now, and given historic seasonality, I’d look for a move back to resistance. 

I’m not sure anyone loves boring, blue-chip stocks, but they come in handy when the market goes bearish. I’ve had Procter & Gamble (PG) for a while and recommend it for any long-term portfolio.  Buy when it makes a new high.

Back in November, I recommended Target (TGT)--which I also own--as a buy based solely on the strong breakout. It’s moved up 15% since then, but it looks like the big gains are over. Take some profits now and wait for a pullback or the next breakout.

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Back next week to see if that XMAS rally is going to happen.

What do you think?

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