Ok this may be a little quick today because I have to go to a progressive dinner tonight. So right onto it, the SPY closed above the 50 SMA for the first time in a long time which is a very good thing. It lacked the potent volume I would have liked to have seen but that is alright, it did close close to it's highs. As of right now, I think you need to look at things from a more bullish perspective, for as long as we are above the 50 SMA. 

We need Apple to bounce. We saw a slightly bearish candle today again which is not a good sign but we did hold above the 530 level, which is key. We also had lighter volume today, which is another better sign. I am not saying go ahead and trade it long... It is just there is still a minor bullish hope in it as long as it holds above the 530 level.

Google hung in there and is still consolidating and it is one that I think can see higher prices (if/when we rally). 

Amazon is a monster, as I have said. It still looks extended and could pull in a little but it is not bad. I like the chart and it is one of the stronger ones out there. It needs to continue to hold higher or come in a little though before many other people will be buying. I think. 

HPQ is now on my radar. I would like to see it hold 13.60 - it is defintiely in the cards for higher prices. I like it.

LULU just consolidated today which is a good thing. Another day or two of this and we could see another up move.

Facebook is forming a bull flag up here, I wouldn't buy after today though because I do not think it is ready break out again.

That's it for now. Throughout the weekend I will upload more charts to the "Charts" page so be sure to come back and check on that. Have a good weekend. 

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richard taylor
12/7/2012 06:45:15

whats your take on wynn? thx. again.


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