Since early December, one word defines the market: sideways. Believe me, I’d love to find another word, and I will, once the market breaks out. Until then, best to sit on your hands.
Like many of you, I keep waiting for the right time to jump into oil stocks. Exxon Mobil (NYSE:XOM) is a good example and like most stocks in the sector, the answer is “not quite yet.”
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Sometimes a stock exhibits good price action, but moves too quickly to act upon. American Express (NYSE:AXP) is a good example. It rebounded so quickly from that double-bottom, it got overbought in a hurry. If it pulls back to the low $80s, though, I’d buy with a stop below $80.
Back next week to see if I need to find a synonym for “sideways.”