After a week of fairly negative action, I thought Friday marked the start of another leg up. It certainly was bullish, as all the indices broke above significant resistance. I guess we’ll see soon if the late summer rally is a go.
As for individual stocks, there’s a lot of focus on Facebook (NYSE:FB). But, what about LinkedIn (NYSE:LNKD)? I think the Friday move was nice, but a bit more needs to be done. Keep an eye on it, though, as the bulls may drive this higher.
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Another stock on the cusp of a buying opportunity is ExxonMobil (NYSE:XOM). Oil prices are rising and XOM is getting into range. Wait for a close above resistance, though, before striking.
That’s it for this week. I’m off next week, but back after that.