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The Chartman

Bulls to Take Back the Reins?

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Despite a pretty good week for the market, the bears still seem to hog the headlines. But when I look at the chart, I see a pretty neat weekly reversal. And if that reversal plays out anything like the past, the bulls could be the ones doing the talking in the future.

Speaking of talking, I got an earful when I mentioned Friday morning on Twitter that I was buying McDonald’s (NYSE:MCD).  The company had just announced less-than-stellar earnings, and folks thought I was crazy. And, of course, many trotted out all the fundamental reasons NOT to buy the stock.

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I don’t doubt the bad news, but remember, the stock is already down 15% from its highs.  That bad news is now OLD news. I think now is the time to buy.

Finally, I wanted to take a look back at Amazon (NASDAQ:AMZN). It gapped up recently, and very often stocks pull back to fill that gap…before heading higher. So far, that’s exactly how AMZN is playing out, so we’ll see.