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The Chartman

UPS Shares Could be Poised for Rebound

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Wow, another great week for the market, as I remain firmly in the “shocked” category.

However, there’s usually a difference between what I think will happen and how I trade, and as I noted the past few weeks, I had been a buyer into the weakness.

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That said, I didn’t expect to be a seller so soon, and of the 10 or 12 positions I acquired, I’ve sold all but one.

Next up, I’m expecting the market to move sideways. But, given how the Fed isn’t going away, my assumption is that move will be short-lived until the next thrust up.

While the market was moving up, some stocks saw a sharp drop on Friday. Frankly, I think they’re both buys.

The first is UPS (NYSE:UPS).  I actually did buy that late in the day and now look for a rebound.

I also think Boeing (NYSE:BA) is a buy, although I held off for now. (I usually only buy stock in companies I use on a regular basis. Given that I fly about once a year, it’s not really in my wheel house.)

Another up week next week, or a summer pause? We’ll see next Friday.

What do you think?

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