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.
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.