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The Chartman

Look Out for a Market Pullback

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The market moved sideways this week and that bothered me. It wasn’t the sideways movement – markets moves sideways pretty regularly – it was the fact that it moved sideways under the recent broken trendline.

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That tells me the next breakout will be down rather than up. It’s not a slam dunk, but I’m keeping my eyes open.

FedEx (NYSE:FDX) wished it had gone sideways this week, but instead got creamed. I love the company, but I think you can wait until the stock hits support before buying.

On the flip side, McDonald’s (NYSE:MCD) has put together quite a few good weeks. I own this stock and consistently add more when it backs off about 10%. The last buying opportunity was late in 2012, but keep watching for another entry.

What do you think?

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