At best, you could say 2015 is off to a choppy start. Middle-of-the-road, you could say congestion forming below resistance is ominous. The worst? Expect a downside break and more pain.
Of course, it’s not pain for ALL stocks. Amazon.com (NASDAQ:AMZN) had a super breakout on Friday and future gains look like a good bet.
And if oil stocks really have put in a bottom, maybe the market will turn positive. I like Chevron (NYSE:CVX) with a stop below Friday’s low.
Back next week to celebrate February and the countdown to the remaining 4 weeks (one can hope!) of winter.