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The Chartman

Wait for Stocks to Find Solid Ground

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Will weak wage growth weigh on the markets?

People’s United Wealth Management CIO John Traynor, Matson Money V.P. Zack Shepard, Raymond James Chief Economist Scott Brown and founder Mark Sebastian on the state of the markets.

Mea culpa: I completely missed the “turn” in the market I called for last Friday. Actually, it happened Wednesday…a few hundred points lower than I anticipated!

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And while the market did recover, can it sustain yet another V bounce? I’m betting not, and as the market has essentially moved sideways since December, I’m mostly in cash.

The two charts below pretty much sum up how I currently feel: I’m waiting for stocks to show some strength before I buy. Microsoft (NASDAQ:MSFT) is a good case. I recommended selling in November, and now I’d wait for the drought to end before re-buying.

Google (NASDAQ:GOOG) is pretty much the same, although the stock has stalled for over a year. I love the company but want to see the momentum return before I buy again.

Back next week to see if the V turns upside-down.

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