Now that was a scary week. Especially coming off the previous week where I though there might be support (mitigated by the high-volume down days), the decline on Wednesday was nasty.
Friday helped somewhat, but with a new downtrend intact, I don’t think the bulls can breathe easy.
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I’m not super bearish, but be wary of any new long positions.
I have a fair amount of oil stocks in my portfolio, and they’re getting hammered. Is a bounce about to occur? I hope so!
Partly tongue-in-cheek, I noted on Bulls & Bears last Saturday that when a company is hacked, it’s time to buy. If you ignored my advice, it’s still a good time to get in on Home Depot (NYSE:HD).
Back next week to see if the bear is real or fake.