Alright today was not bad at all. Do not let a red bar scare you too much. This is what I see (Do not take anything I say for guarantee)
- Doji signals some indecision
- Low volume again today, continues to prove my buy able pullback theory
- After a potent move like yesterday, we should have seen some follow though, we did not see much.
- Apple held the key 574 level, while down today it still held in there. I am not bearish quite yet on it. Not grea though, it seems like the market wants to lead Apple now. Not Apple lead the market.
- VIX nearing some resistance
- OIL ($OIH) held higher and actually closed green with decent volume
This helps me confirm and substantiate the bullish bias, but there are few things that need to be considered that favor the bears too -
- The banks are slowing drifting lower, $GS led the way today (just cause $BAC is strong doesn't mean they can hold everyone up)
- Gold and Silver sold off today, but as my friend pointed out to me, they have been as correlated recently with equities. Still something to CONSIDER.
- We did close down not strong and we closed red again, this isn't super bearish but it does not held the bulls case.
In summary, our path is not clear cut yet. As you can see, there are many mixed signals out there. You can always wait to trade, I believe there will be a time to make a ton of money - choppy markets that aren't quite sure where they want to go is not the time/area.
As I have already mentioned Apple I will not cover too much. Apple still is showing us it is not ready and a little weak but it did hold the key support of 574. Bulls are still fighting.
Google took another break today which is not bad, I would look to buy a pullback after somewhat of a reversal sign or pattern.
Amazon will not die, that is amazing. Either way though, I would not chase these levels. Could easily come back some more.
Netflix had a massive move today and could easily head higher. The volume was huge and it was a massive engulfing pattern. You would have to risk ALOT if you want to buy these levels and it is at minor resistance so it would be nice to see a small bull flag (like we saw in $FSLR and $GMCR recently)
Well that is it for now. Here is my contact info/Twitter; I often post charts on Twitter/StockTwits w/ notes --
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
- Doji signals some indecision
- Low volume again today, continues to prove my buy able pullback theory
- After a potent move like yesterday, we should have seen some follow though, we did not see much.
- Apple held the key 574 level, while down today it still held in there. I am not bearish quite yet on it. Not grea though, it seems like the market wants to lead Apple now. Not Apple lead the market.
- VIX nearing some resistance
- OIL ($OIH) held higher and actually closed green with decent volume
This helps me confirm and substantiate the bullish bias, but there are few things that need to be considered that favor the bears too -
- The banks are slowing drifting lower, $GS led the way today (just cause $BAC is strong doesn't mean they can hold everyone up)
- Gold and Silver sold off today, but as my friend pointed out to me, they have been as correlated recently with equities. Still something to CONSIDER.
- We did close down not strong and we closed red again, this isn't super bearish but it does not held the bulls case.
In summary, our path is not clear cut yet. As you can see, there are many mixed signals out there. You can always wait to trade, I believe there will be a time to make a ton of money - choppy markets that aren't quite sure where they want to go is not the time/area.
As I have already mentioned Apple I will not cover too much. Apple still is showing us it is not ready and a little weak but it did hold the key support of 574. Bulls are still fighting.
Google took another break today which is not bad, I would look to buy a pullback after somewhat of a reversal sign or pattern.
Amazon will not die, that is amazing. Either way though, I would not chase these levels. Could easily come back some more.
Netflix had a massive move today and could easily head higher. The volume was huge and it was a massive engulfing pattern. You would have to risk ALOT if you want to buy these levels and it is at minor resistance so it would be nice to see a small bull flag (like we saw in $FSLR and $GMCR recently)
Well that is it for now. Here is my contact info/Twitter; I often post charts on Twitter/StockTwits w/ notes --
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
