Okay, this past week was pure nastiness. In fact, it was even worse than a big selloff, as the market offered a glimpse of hope for a midweek rebound.
So you start feeling like you can breathe again, only to go through a Thursday and Friday that were just ugly.
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That said, I think we’ll bounce again next week. How long will it last? Hopefully longer than 2 days!
Traders, though, are usually quick to adapt to changing conditions (good traders, anyway). Me? I try to stick to what I think works historically, and that means buying my favorites on a selloff. We’ve certainly had a few of those lately, and I’ve been in and out of a lot of stocks. Let’s look at two I’m now holding, both of which I bought Friday. I’ll start with MasterCard (NYSE:MA), which I bought early Friday morning.
The other stock I picked up was Kraft Foods (NYSE:KRFT). This hasn’t seen a lot of pullbacks, and I’m hoping this one is short.
Back next week to see if the Nasdaq can muster any kind of strength!