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The Chartman

Stay Bullish on Stocks, But be Cautious

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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.

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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!

What do you think?

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