Click to enlarge -
Slow, not much happening today in the index (SPY). We are just consolidating at the highs after a huge move last week. Just because it is not still going higher that does not mean it is not still bullish. This IS bullish. Someone was tweeting me earlier today saying that I "flip flop" my thoughts on the market. I would like to spend a minute to clear up some things and give you guys my personal opinion on where the market sentiment is so yall will not be confused anymore.
Micro time frame (1-2 days) - Could pull in a little bit more, therefore I tend to sit on the bearish side.
Intermediate - (1-3 weeks) - I am in the bullish camp, we just had a powerful move and consolidating at highs.
Long term - (3 - 6 months) - I am neutral, I have no bias either way.
Really long term - (1-3 years) - Very bullish. I think we can great the all time highs in SPX.
Moving forward...
Apple (as I tweeted this morning) is a rotten Apple. I do not like other than a day trade long or short term short. Support is still 500.
Amazon! I think it was Friday that I said Amazon looked good and I think it wants higher.. Well there ya go, it went. I would look to buy on a dip back to the break level, do not chase the price action here.
Google is still holding in there. I like it long still though it looks like it might need some more time. I am stalking this one for a good R:R set up.
Homebuilders I have been saying have been perking up all across the board with many of them breaking out of channels this week. I still like them and they want to go higher. I sold LEN today, I still think it will go higher but there is massive resistance on the weekly chart that I did not want to be apart of.
banks still look like they are strong though I will say, it is difficult to chase them here. Maybe on an extended consolidation but right now.. It is a no play for more. Not a short, but not a long.
If you would like to contact me for any questions/comments please visit the contact page.
Micro time frame (1-2 days) - Could pull in a little bit more, therefore I tend to sit on the bearish side.
Intermediate - (1-3 weeks) - I am in the bullish camp, we just had a powerful move and consolidating at highs.
Long term - (3 - 6 months) - I am neutral, I have no bias either way.
Really long term - (1-3 years) - Very bullish. I think we can great the all time highs in SPX.
Moving forward...
Apple (as I tweeted this morning) is a rotten Apple. I do not like other than a day trade long or short term short. Support is still 500.
Amazon! I think it was Friday that I said Amazon looked good and I think it wants higher.. Well there ya go, it went. I would look to buy on a dip back to the break level, do not chase the price action here.
Google is still holding in there. I like it long still though it looks like it might need some more time. I am stalking this one for a good R:R set up.
Homebuilders I have been saying have been perking up all across the board with many of them breaking out of channels this week. I still like them and they want to go higher. I sold LEN today, I still think it will go higher but there is massive resistance on the weekly chart that I did not want to be apart of.
banks still look like they are strong though I will say, it is difficult to chase them here. Maybe on an extended consolidation but right now.. It is a no play for more. Not a short, but not a long.
If you would like to contact me for any questions/comments please visit the contact page.
