Today was very constructive to see higher prices in the near term future. I have my first target at around 142. Another day of some consolidation and we could easily see higher prices. The QQQs broke out today and did not have an inside day which helps confirm my bullish biased now. For me to buy the indices I would like to see another day of inside day action/consolidation.
Apple looks very nice (I often times post charts of individual stocks on StockTwits so check there for Apple) and I think it the next level is 598,which I think we will easily get to.
Google is a little funny, one of the few high betas that did not go up today - because of this, you should obviously use some caution when buying it, I would not recommend ever buying weak stocks that are still showing weakness. As I always say, there are better options.
Amazon, despite my warning, did REALLY well today and while it seems extended on the daily chart, it is one of (if the best) the best high beta stocks out there. Didn't break the 200 SMA and now is rocketing forward. This is one that is definitley buyable on pullbacks.
Ebay was a nice trade today as it broke out to 52 week highs. Because of such a move in one day, I would not want to buy this tomorrow because it flew through resistance today and the likely hood of there being profit takers is pretty high. I would buy this one on a light volume pullback into the breakout area. I do however think we see higher prices in eBay.
A few other noteable potential trades/strong names --
$BAC has held up well and I will buy with a liberal stop after another day of holding higher. I do believe we see higher prices in this one, and weekly chart looks quite amazing.
$NTE has support around 15.00 so that is your first level, I would look for a potent reversal to buy there though. I also think we go higher in this one. Don't chase today though.
$DELL was/is a nice trade after a nice hamari formed, keep in mind of the chasing rule though.
$BBY had some nice action today and could easily be setting up for a gap fill - I will buy after a close into the gap.
$FB did great again, and as always. One day of consolidation with this name and I will be more than likely a buyer. The bottom may very be in for FaceBook.
$TGT fell from it's pedestal and breakout play today, I would have been stopped out today but that is fine, it is still a strong stock and will more than likely provide us with another entry.
$PCLN - still think we see higher prices in this one. Consolidating well and looking to tackle the 200 SMA.
Remember to look on StockTwits/Twitter for charts -- @BenCBanks
Apple looks very nice (I often times post charts of individual stocks on StockTwits so check there for Apple) and I think it the next level is 598,which I think we will easily get to.
Google is a little funny, one of the few high betas that did not go up today - because of this, you should obviously use some caution when buying it, I would not recommend ever buying weak stocks that are still showing weakness. As I always say, there are better options.
Amazon, despite my warning, did REALLY well today and while it seems extended on the daily chart, it is one of (if the best) the best high beta stocks out there. Didn't break the 200 SMA and now is rocketing forward. This is one that is definitley buyable on pullbacks.
Ebay was a nice trade today as it broke out to 52 week highs. Because of such a move in one day, I would not want to buy this tomorrow because it flew through resistance today and the likely hood of there being profit takers is pretty high. I would buy this one on a light volume pullback into the breakout area. I do however think we see higher prices in eBay.
A few other noteable potential trades/strong names --
$BAC has held up well and I will buy with a liberal stop after another day of holding higher. I do believe we see higher prices in this one, and weekly chart looks quite amazing.
$NTE has support around 15.00 so that is your first level, I would look for a potent reversal to buy there though. I also think we go higher in this one. Don't chase today though.
$DELL was/is a nice trade after a nice hamari formed, keep in mind of the chasing rule though.
$BBY had some nice action today and could easily be setting up for a gap fill - I will buy after a close into the gap.
$FB did great again, and as always. One day of consolidation with this name and I will be more than likely a buyer. The bottom may very be in for FaceBook.
$TGT fell from it's pedestal and breakout play today, I would have been stopped out today but that is fine, it is still a strong stock and will more than likely provide us with another entry.
$PCLN - still think we see higher prices in this one. Consolidating well and looking to tackle the 200 SMA.
Remember to look on StockTwits/Twitter for charts -- @BenCBanks
