Not really sure there’s much I can say about the market other than “remain a bull.” Yes, I’m the same guy who thinks the market will pull back, yet day after day it makes me look silly. I think the best advice I can give is a) be skeptical, but b) remain long…at least until you see a trendline like the one below; finally succumb to a severe break!
As for specific stocks, my local supermarket is Safeway (NYSE:SWY) and a stock I’ve long loved. It’s “on sale” lately, but I’d like it to pull back a bit more before I buy. You can see my sweet spot below.
Another stock on my radar is CME Group (NYSE:CME). This blasted right through the downtrend line then quickly got overbought. It needs a small retreat before I think the reward-to-risk works in my favor.
Okay, back next week. Will the market be even higher? I’m no longer betting against it!