Not a great week for the markets, but in taking a step back, not all that bad. Yes, there was a massive two-day selloff, but all that did was bring the Dow back to support. Hitting that support, however, caused a bounce, leaving the market in a fairly strong position. In short, I still think it can rise back to long-term resistance. Beyond that, I can’t venture a guess.
On the FOX Business block this weekend, we’ll be discussing Greece, and the European markets in general. Given that, I thought it’d be interesting to look at both a Greek stock and the euro.
First up is NBG, the National Bank of Greece, and it’s been sliding for a while (no surprise there). It’s not a buy now, but if it can rally above that downtrend line, it may be worth taking a shot.
As for the euro, it’s also been sliding for a few years, albeit in a wide downtrend channel. It is close to a breakout, though, but wait for it to show some strength before pouncing.
In general, this market is requiring some patience. I tend to lean on the bullish side, though; November and December are usually positive months. We’ll see if that plays out for the rest of the year.