Oy -- the day, week, month, even year has been downright awful. Well, okay, not awful, but the last few weeks have certainly been ugly.
So, what we need is a little dose of perspective and that’s why you have The Chartman! As you can see below, despite all the doom and gloom, is the market doing anything other than moving sideways? In fact, we’ve been near the Friday lows four other times just in the past few months, so there’s really nothing new to report.
It feels bad, of course, but remember: each of these “bad” times has been a buying opportunity. Not saying that’s the case again, so see when to buy my picks below for more guidance.
Now, let me say upfront, I really have nothing to recommend right now. Instead, I have some candidates that should be considered IF they close above the resistance or trendlines I’ve noted. Remember: in these times it may be easier to wait for strength instead trying to find a bottom.
So, first up is Wal-Mart (NYSE:WMT), which amongst the retailers looks surprisingly strong.
The other stock I like – particularly in light of the Kindle Fire announcement – is Amazon.com (NASDAQ:AMZN). Again, like WMT, wait for the stock to show its hand before buying.