I know I said yesterday that we still looked fine, but remain cautious. That still remains true. I expect a pullback soon and here are FIVE reasons why -
5 days now of consolidation with lots of doji closes, while this is bullish (in some sense) I sit more in the bearish camp -
1. Vix reversal today
2. SOLID resistance above
3. A little extended on the upside (still)
4. The banks (leaders) took a dive today, more importantly, $BAC took a dive.
5. Wicked down a little, though that is not that significant.
Those are my five reasons for being short a little now. IF we do pullback some I would look to buy long again but remember, a market "ebbs and flows" so be careful not to get caught in the wrong direction. The risk:reward is NOT in favor of the bulls right here in my opinon we are at some SOLID resistance and came a long way. Earnings also may be a "sell the news" type of a event, given how far we have gone.
Apple is a non event at this point. Love my phone, HATE the stock. It is going lower, 500 is still support - though based on this action, it looks like it will break it.
Google is basing nicely. Looks like it wants higher, good volume pattern.
Amazon pullback a little, I will wait for a more confirmed signal. Do not buy blindly. Still looks fine though, at ALL time highs.
Banks, our leaders do worry me a little bit. $BAC (our main leader) sold off pretty harsh today and I think it can go lower. I am firm believer in the fact that LEADERS, LEAD - and therefore, the market very well could sell off a little more.
Trade accordingly. If you would like to contact me for questions/comments please visit the contact page.
5 days now of consolidation with lots of doji closes, while this is bullish (in some sense) I sit more in the bearish camp -
1. Vix reversal today
2. SOLID resistance above
3. A little extended on the upside (still)
4. The banks (leaders) took a dive today, more importantly, $BAC took a dive.
5. Wicked down a little, though that is not that significant.
Those are my five reasons for being short a little now. IF we do pullback some I would look to buy long again but remember, a market "ebbs and flows" so be careful not to get caught in the wrong direction. The risk:reward is NOT in favor of the bulls right here in my opinon we are at some SOLID resistance and came a long way. Earnings also may be a "sell the news" type of a event, given how far we have gone.
Apple is a non event at this point. Love my phone, HATE the stock. It is going lower, 500 is still support - though based on this action, it looks like it will break it.
Google is basing nicely. Looks like it wants higher, good volume pattern.
Amazon pullback a little, I will wait for a more confirmed signal. Do not buy blindly. Still looks fine though, at ALL time highs.
Banks, our leaders do worry me a little bit. $BAC (our main leader) sold off pretty harsh today and I think it can go lower. I am firm believer in the fact that LEADERS, LEAD - and therefore, the market very well could sell off a little more.
Trade accordingly. If you would like to contact me for questions/comments please visit the contact page.
