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The Chartman

Wall Street Heads South

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It was a nasty week for the market, but at least we now know the dominant direction.

So when to start buying? I think the Dow finds support at one of two previous places where it last bounced: 16,300 or 16,000. I’d probably start buying a bit at the former and a lot more at the latter if it gets that far.

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Procter & Gamble (NYSE:PG) has been miserable for a month or so. But good earnings gave it a pop on Friday. Look for more to come in the next few weeks.

On the flip side, Facebook (NASDAQ:FB) has been soaring. It went nowhere as the market sank but did fill the recent gap. That all tells me it’s ripe for a reversal and more gains.

Back next week to see if the market can right itself.

What do you think?

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