Let’s get to the obvious: it’s been an ugly start to 2016.
Now, the real question is, where to from here? The market is oversold, so I’d expect a bounce, maybe a sharp one. But, in looking at the chart below, it sure looks like a retest of the August lows is more likely than a break to new highs.
Despite oil’s selloff, some of the oil companies look ripe for buying. Take a look at ConocoPhillips (NYSE:COP), which is nearing support.
Don’t look now, but Wal-Mart Stores (NYSE:WMT) is on fire. Not sure why, but the charts never tell anyway!
Back next week to celebrate a Redskins victory. I hope!