Bullish on Stocks Despite Fiscal Uncertainty
Even though Thanksgiving is in the rearview mirror, I still maintain it’s time to give thanks. And while I abhor gloating, I’m allowing myself a one week reprieve to dwell on a few calls I got right.
First off is the “buy” I noted for the market last week. Many were panicked, but a look at the longer term uptrend line showed the market in good position to bounce. And so far, it did.
I also highlighted Apple (NASDAQ:AAPL) last week, and while I had to suffer through a 15% pullback, the hefty bounce has more then put me in the black (recall, I doubled down at the $505 level).
Finally, I looked at Research in Motion (NASDAQ:RIMM) in early October, with an eye to buying on a trendline breakout. I’d say it’s broken out!
Keep in mind, holiday weeks are never sure-fire indicators of where the market is heading. With talk of the fiscal cliff still in the headlines, anything could happen. But, I remain fairly bullish to year end.