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The Chartman

Stomach-Turning Week for Wall Street

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If you were long the market the past week, it was most definitely a stomach turner. In fact, the past few weeks have been nasty and the market is down about 5% from the recent highs.

It is near support, though, so if have some cash, you might deploy it now. But have a stop in case the selling continues.

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The market isn’t in bear territory yet, but oil certainly is. I recommended buying a few weeks ago, but was clearly early. Still, I’d take another shot if it pulls back a bit more.

On the flip side, Procter & Gamble (NYSE:PG) has been a beast the past week. I wouldn’t buy yet, but if it moves sideways, then breaks to a new high, I’d jump in.

Back next week to see if the bears continue to make October chilly.

What do you think?

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