Watch Procter & Gamble in Bear Market
When it comes to indicators, maybe we should have focused on the NYSE all along. It tried a breakout in November, but never got there, indicating some underlying weakness.
The selling may be overdone for now, and given historic seasonality, I’d look for a move back to resistance.
I’m not sure anyone loves boring, blue-chip stocks, but they come in handy when the market goes bearish. I’ve had Procter & Gamble (NYSE:PG) for a while and recommend it for any long-term portfolio. Buy when it makes a new high.
Back in November, I recommended Target (NYSE:TGT)--which I also own--as a buy based solely on the strong breakout. It’s moved up 15% since then, but it looks like the big gains are over. Take some profits now and wait for a pullback or the next breakout.
Back next week to see if that XMAS rally is going to happen.