Is the S&P in bear or bull mode? Hard to say, as all we’ve really seen is sideways action with a fairly tight range. The next strong move likely depends on which way this congestion is resolved: a downward break and we enter a bear run. An upward break, and the bulls roam again.
It’s been hard to hold anything oil related, and (NYSE:XOM) is no exception. But given that oil is down nearly 60% since last summer, the stock has held up pretty well. I like to buy on strength with this one, so wait for an upward break before pouncing.
I’ve never been a big gold fan, but I do think it’s a place to be if the world suddenly panics. Is the chart below signaling that’s imminent? Maybe, and a close above the downtrend line would get me long.
Back next week to see if the young guys (Wilson, Luck) but beat the old guys (Brady, Rodgers).