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The Chartman

Nasdaq Could Be in for a Bounce

The ChartmanFOXBusiness

Get out the Alka Seltzer, because this market can make even the most hardened trader a little nauseous. Yes, a few 1%-plus drops in the market are par for the course. But, I’m counting at least a half dozen in the past 30 days alone. Enough!

However, maybe hope is on the way as we may be completing the back end of a reverse head and shoulders. If I’m right, the Nasdaq sinks only a bit more before bouncing. If I’m wrong?  Oy.

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So what was I doing on Friday?  Buying some of my favorites. First up was Teva Pharmaceutical (NASDAQ:TEVA) as it headed straight to support.

Amazon (NASDAQ:AMZN) got hammered, but I really don’t care what analysts think. I see a great company near a long uptrend line. Time to buy.

Back next week to see if I’m at all happy about my bullishness!

What do you think?

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