Good constructive consolidation day today. This is what I like to see when I look for continuation plays. Lower volume inside consolidation days. I think we can head higher but we are still a little extended to the upside. Another day or so of consolidation and we could see another move upwards I think. I got some $K today, I am hoping to turn it into a swing trade - we will see where it goes. I do not like it closed, the volume wasn't great so we we will see. Overall, do not add a whole lot of longs on right now, let's just wait and see if we can consolidate some more before heading higher.
Apple continues to tell it is is weak and needs more time. I think all we can do is respect that and stay away for now and wait for there to be a clear buy signal. I am not buying quite yet, still seems we weak but we are holding higher and could potentially see another move closer to the 200 SMA sometime next week.
Google is very strong right now but is now extended to the upside and needs to take a break. I wold not chase this one right now because of the extended nature of it and the fact it is going to meet resistance at the 700-705 area.
Amazon finally took a small break today, which is really healthy. We need to see things take breaks and hold higher to show if it really is strong. I think it still needs to break some more though because of how much of a run it's had. Do not chase.
(Friendly reminder: click to enlarge the charts)
Now to some stocks that I was asked to cover today --
Apple continues to tell it is is weak and needs more time. I think all we can do is respect that and stay away for now and wait for there to be a clear buy signal. I am not buying quite yet, still seems we weak but we are holding higher and could potentially see another move closer to the 200 SMA sometime next week.
Google is very strong right now but is now extended to the upside and needs to take a break. I wold not chase this one right now because of the extended nature of it and the fact it is going to meet resistance at the 700-705 area.
Amazon finally took a small break today, which is really healthy. We need to see things take breaks and hold higher to show if it really is strong. I think it still needs to break some more though because of how much of a run it's had. Do not chase.
(Friendly reminder: click to enlarge the charts)
Now to some stocks that I was asked to cover today --
Netflix - Seems like there is a potential rounding top or inverse cup and handle in play. Both of these things I do not like I would stay away for now. Not a whole lot of conviction or set up right now.
SODA -- This one had an awesome run but it appears to me that we could/should see a break here. I would not chase prices up.
FSLR -- everyone is talking about this one and I think it has the capability of continuing but I would like it to form more of a base up here first and let it show some commitment. It could also come back and test the breakout level.
Alright that's it for today's analysis. Hope you all have a nice weekend. As always check my Twitter Pages for some MORE charts --
https://twitter.com/BenCBanks
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Also here is my email address if you would rather email -
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https://twitter.com/BenCBanks
http://stocktwits.com/BenCBanks
Also here is my email address if you would rather email -
[email protected]
