Yesterday was another awful day in the market.
But just when you thought it was back to doom and gloom, the Bulls show up.
The market is up nicely today and it’s good to see:
If you combine that with a mini-comeback late yesterday and we have as much bullish momentum as we get these days.
So, has anything been working lately?
Yes, defensive plays. Stocks that will work in a recession.
Stocks like McDonald’s (MCD).
Here’s the chart:
The stock has bounced hard off its 30-week SMA and is moving strongly toward a breakout level.
A break above $326.32 could lead to a nice move, especially if the market can not fall off a cliff.
We’ll keep an eye on it.
Happy trading,
Scott Welsh
P.S. Geof Smith is targeting consistent gains during the “Great Gold Squeeze”. Get all the details here!
