The bears are growling louder with more than a few cries of “this can’t last.” They may be right, but when I look at a chart of the S&P all I see is the average in a steady uptrend. No parabolic move. No blowoff top. No big runup.
Just a steady climb. The kind that infuriates the bears.
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Of course, things could change overnight, but for now, best to be long.
I wanted to look at some stocks in the news, so I’ll kick things off with Groupon (NASDAQ:GRPN). This stock had a nice break from its short term downtrend line, but I’ll like it better if it closes above that resistance. Then it has clearer sailing.
Tesla (NASDAQ:TSLA) is also in the news, but unless you bought earlier this year, I think the recent fun falls into the “too far, too fast” category. Definitely a stock I’d consider only if it had a significant pullback.