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The Chartman

Don’t Buy Into Wall Street’s Rally Too Quickly

The ChartmanFOXBusiness

First, Happy New Year to everyone. I’m hoping you find 2013 to be even better than the past 12 months.

The market is certainly doing its part, and once the “Cliff” drama was over, it started to levitate. I think old highs look good, but the time to start really buying is when near-term resistance is cleared. That way you know a) the coast is clear, and b) you have a good stop built in (the old resistance becomes support…and your stop).

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Today, I wanted to look at one stock in my portfolio and one I wish was there.

I’ve had Pfizer (NYSE:PFE) for awhile right now and it didn’t disappoint. It was up over 15% in 2012, pays a nice dividend, and from the looks of the chart can still work higher.

The one that got away? Pulte Homes (NYSE:PHM). I saw the housing market was starting to get hot, but because we’ve had so much trouble selling our own home, I kind of soured on the industry. My mistake, as I left a lot on the table not buying ANY housing stock.

If you want to get in on this stock, though, I think it’ll definitely add to 2012’s hefty surge.