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The Chartman

Bears Close to Seizing Control of Wall Street

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I love the market. I love the buzz, the news, the predictions, the action. But, there are a few times during the year when I wish the market would just close and we could pay attention to what really matters.

This week was one of them, and I don’t know about you, but the day after the Boston tragedy, I was hoping the market would take a day off.  I wasn’t in the mood to even look at stocks and I’ll bet many others weren’t, either.

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But, the market stayed open, and it pretty much took it on the chin. And while just a few weeks ago I was bullish, now I’d say “less so.”

It’s not dire yet – we probably need another week like this week – but any further drop below that uptrend line and the bears will be in control.

One stock that’s always a good tell is IBM (NYSE:IBM). The stock got killed when its earnings came out and the situation is critical. Look out below if it drops much further because then it could see the mid $100s.

On a bright note, “Mom & Pop” stocks that pay a nice dividend are usually a good hiding place. I love (and own) Johnson & Johnson (NYSE:JNJ), and it continues to perform well. A nice play to keep some of your assets.

What do you think?

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