As I said last Friday, I was buying, and sure enough I did. Of course, that didnt look too bright early in the week, but by the close this Friday, the market had at least come back to finish fairly flat for the five days.
Unfortunately, the picture right now isnt quite as positive as I had hoped. Its not dreadful the Dow is pretty much moving sideways but I do think the downside may be tested again. That you can see more clearly in the Nasdaq chart, as that support area may be visited again.
What about individual stocks? I bought some Apple (NASDAQ:AAPL) early in the week, then sold into the rally. At this point, I feel the stock made a nice run, but in too short a time. That makes it overbought in my book. Keep in mind, though, Ive missed literally hundreds of points on the upside for this stock!
On the other hand, Im eyeing Bank of America (NYSE:BAC). The stock has been battered, so I may take a shot if it falls into the support area you can see on the chart. BAC is a good example of a stock I know. I realize it has problems, but I do my banking there, and I dont think itll be shutting its doors anytime soon.