Click to enlarge -
Today we saw the market sell off some more with a little bit more power. I would be remaining cautious through year end, personally, I do not want to trade anymore until 2013; the news dominates the market and quite frankly - We are seeing a weaker market now. The $SPY held where it had to today (the 50 SMA) but the action today did not give me enough conviction to bid into this choppy, mixed tape. If you do choose to trade however, please choose the strongest names out, with the cleanest, strongest charts (this is NOT apple).
Apple saw continued pressure today and I remain bearish. It needs to get back over the micro down trend line (see chart below) to go anywhere. It remains a no trade for me. It has yet to confirm the head and shoulders pattern but it has also yet to confirm any bullish action either. It is trading vehicle, not a investment/swing trade at this point.
Google is holding in there though I remain cautious. It closed relatively strong, compared to the market. What has me hesitating though is the fact that it's fellow high betas are not acting well at all... $AMZN sold off hard today and $AAPL is showing no signs of strength.
Speaking of Amazon, we saw a huge sell off today and it should have stopped out any uncommitted longs. You can always revisit this name but it is better to get out while you can before it goes way south for you. I would watch the 246 level, you should watch out if it falls below that level as that is the level of support from the most recent bull flag.
$BAC saw some crazy action today. It was up a lot with pretty good volume without ANY of the banks following. This could (MAYBE) mean they know something that the public does not. Though by me saying that it does not mean I am a buyer, I focus on the charts and if the charts tell me to buy, I will (currently they do not).
The banks as a whole though continue to be the place to be and therefore when 2013 rolls around and I start to trade again I will most likely be focusing on them. Focus on the leaders, it's as simple as that.
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On JANUARY 2nd my 2013 predictions/investments come out, please help me spread the word by clicking tweet on the bottom of this page and come back to see them on that date, thanks!
If you would like to contact me for questions/comments, please visit the contact page for details.
Finally, below are the charts with notes I have done so far. Click on them to make them larger, more are likely to added later --
Apple saw continued pressure today and I remain bearish. It needs to get back over the micro down trend line (see chart below) to go anywhere. It remains a no trade for me. It has yet to confirm the head and shoulders pattern but it has also yet to confirm any bullish action either. It is trading vehicle, not a investment/swing trade at this point.
Google is holding in there though I remain cautious. It closed relatively strong, compared to the market. What has me hesitating though is the fact that it's fellow high betas are not acting well at all... $AMZN sold off hard today and $AAPL is showing no signs of strength.
Speaking of Amazon, we saw a huge sell off today and it should have stopped out any uncommitted longs. You can always revisit this name but it is better to get out while you can before it goes way south for you. I would watch the 246 level, you should watch out if it falls below that level as that is the level of support from the most recent bull flag.
$BAC saw some crazy action today. It was up a lot with pretty good volume without ANY of the banks following. This could (MAYBE) mean they know something that the public does not. Though by me saying that it does not mean I am a buyer, I focus on the charts and if the charts tell me to buy, I will (currently they do not).
The banks as a whole though continue to be the place to be and therefore when 2013 rolls around and I start to trade again I will most likely be focusing on them. Focus on the leaders, it's as simple as that.
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On JANUARY 2nd my 2013 predictions/investments come out, please help me spread the word by clicking tweet on the bottom of this page and come back to see them on that date, thanks!
If you would like to contact me for questions/comments, please visit the contact page for details.
Finally, below are the charts with notes I have done so far. Click on them to make them larger, more are likely to added later --
