Sometimes the market makes you look silly, and this past week was a great example. I felt for certain Monday would be a turnback day, but instead the bulls took over and just kept moving north.
However, it gapped up right to the yearly high Friday morning: tough resistance to overcome. We’ve now gone a long way in a short time, and the best way to secure future gains is for the market to move sideways, build a base, and then break out for the last two months of the year.
Speaking of breakouts, Exxon Mobil (NYSE:XOM) did just that on Friday. Is oil making a comeback? Well, XOM certainly is.
And along the comeback line, LinkedIn (NYSE:LNKD) broke its fall slump with a terrific move Friday. I think it now moves well past the $230s.
Back next week to see if the bulls can make yearly highs.