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First off, I hope you all had a nice weekend. Now onto the market! Today I feel very similar to the way I felt last week. We have been grinding higher but really haven't shown much power. We need power behind this move higher. We have gone up on VERY weak volume, telling me the institutions really aren't taking a stake right now, this could be due because of the year end of the fiscal cliff - I do not know. Currently I have a bullish biased on the market because it has been grinding higher but I would remain cautious as the higher we go on lighter volume... The greater the chance we see a bigger down move. Overall, stay small, and be specific - I wouldn't long anything right now because more than likely, you will lose. STRONG is the key right now.
Apple has continued it's weakness and I hate to say it (and will probably be hated by some) but Apple has a chance to see 485 then the 440 area. It has been weak and a break of the recent support or a powerful close below the 505-518 could really bring in some sellers. All powers must come to the end - I am not saying it is the end for Apple, it's just there are stronger names out there now.
Google held in there today above the recent support line. I feel confident with Google, wouldn't buy it but it does not look that bad. Nice upper consolidation.
Amazon FINALLY pulled in a little, a well needed break in my opinion. I think you will be able to re buy this stock soon but I like to see reversals form.
Facebook has been very strong and will likely continue higher, to really confirm this theory I want to see 1-2 more days of riding the 8 EMA up and then another move higher.
HPQ, MCP, INTC, DELL -- All of these names have been beaten down stocks that are now showing signs of life. I would look for entries in these as that has worked, and will continue to work until it doesn't.
Have a nice evening everyone, and remember to check out the charts page!
Contact info -- (for questions, comments, etc)
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
Apple has continued it's weakness and I hate to say it (and will probably be hated by some) but Apple has a chance to see 485 then the 440 area. It has been weak and a break of the recent support or a powerful close below the 505-518 could really bring in some sellers. All powers must come to the end - I am not saying it is the end for Apple, it's just there are stronger names out there now.
Google held in there today above the recent support line. I feel confident with Google, wouldn't buy it but it does not look that bad. Nice upper consolidation.
Amazon FINALLY pulled in a little, a well needed break in my opinion. I think you will be able to re buy this stock soon but I like to see reversals form.
Facebook has been very strong and will likely continue higher, to really confirm this theory I want to see 1-2 more days of riding the 8 EMA up and then another move higher.
HPQ, MCP, INTC, DELL -- All of these names have been beaten down stocks that are now showing signs of life. I would look for entries in these as that has worked, and will continue to work until it doesn't.
Have a nice evening everyone, and remember to check out the charts page!
Contact info -- (for questions, comments, etc)
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
