From William O'Neill I learned the power of a breakout on heavy volume. I learned the brilliance of a Co that has accelerating earnings year over year for at least three years. But I also learned that these observations are applicable more so in a bullish environment than a neutral or bearish space. Sure, we're in a bull market, but ask someone who entered the chaos of July and August, and he will tell you that it was hellfire for a long.
Today's 106-point pullback in the Dow and the 0.9% retreat by the Nasdaq may have given us some fair entry points. I'm going to examine my A and A- grade stocks for decent prices, perhaps even bargains. It's been awhile since a hunt was worthwhile thanks to the Fed rate cut. But today, I'm slightly optimistic. For everything that O'Neill preached, one thing cannot be denied: buying great stocks at a low price rarely fails.