When you’re dealing with the market on a regular basis, the best attitude to take is “cautious.” Of course, this stance looks foolish when the bull roars, and that’s exactly how I feel after a very solid week for the Dow.
Does that change anything for me? No, but in the absence of any significant down days it pays to be positive.
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The hot topic in both business and political circles these days is ObamaCare. Drama aside, I find the action of the insurance stocks interesting. As an example, I thought after Obama’s Thursday press conference that the stocks would sink. Instead, they rose. That tells me maybe companies like Wellpoint (NYSE:WLP) are the place to be.
Quite often when you trade based on the charts, you get an immediate win. Usually, though, patience is required and that’s exactly where I am with eBay (NASDAQ:EBAY). I think it goes higher, and there’s still time to join me if you agree.
Back next week to see if the Bulls can maintain focus.