Well, I made money short today in the morning and did not trade it to the long side in the afternoon (I am not a day trader). I think the bulls really took a stand here and held higher despite all the negative vibes. I think we can eventually head higher out of this basing pattern, I will not add/buy too much until we break the channel out and show some follow through. This could be tomorrow, though I would be surprised it it were just because on some of the leading stocks we still need some time to fully digest the moves from last week,
Now on to Apple - Apple had a nice day and for once, it did not lead the markets. The markets led it. I would call Apple's day as a consolidation day and healthy. We closed green and still hovering inside the channel. As long we we can continue to hold higher like we have been, the future looks bright.
Google had a nice follow through day today from yesterday's bullish engulfing pattern we saw. It had follow through on pretty good volume (expanding) and this one is defintiley one to keep on your watchlist to add to/buy. I would be careful though buying into such a two day move like we saw given the market conditions. It is hard to add on strength when the market is not fully behind the move. Need a uptrend for that.
Amazon still looks extended on the daily chart and I will not buy it until it does not. I think we can easily head higher in Amazon, it just may not be the right time to buy too much because of how many strong days we have had, we could be due a small break. A break/pullback would be healthy for this stock.
Overall, I think we have seen some good action but I would still remain cautious until we see some sort of follow through day. The risk to reward is not in your favor anyway up here -- to close to resistance. I am waiting for conviction and buy able pullback in this small channel to position long into.
As always here are my Twitter/StockTwits handles so you can access the charts I post on most of these stocks I mention here as well as more --
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Now on to Apple - Apple had a nice day and for once, it did not lead the markets. The markets led it. I would call Apple's day as a consolidation day and healthy. We closed green and still hovering inside the channel. As long we we can continue to hold higher like we have been, the future looks bright.
Google had a nice follow through day today from yesterday's bullish engulfing pattern we saw. It had follow through on pretty good volume (expanding) and this one is defintiley one to keep on your watchlist to add to/buy. I would be careful though buying into such a two day move like we saw given the market conditions. It is hard to add on strength when the market is not fully behind the move. Need a uptrend for that.
Amazon still looks extended on the daily chart and I will not buy it until it does not. I think we can easily head higher in Amazon, it just may not be the right time to buy too much because of how many strong days we have had, we could be due a small break. A break/pullback would be healthy for this stock.
Overall, I think we have seen some good action but I would still remain cautious until we see some sort of follow through day. The risk to reward is not in your favor anyway up here -- to close to resistance. I am waiting for conviction and buy able pullback in this small channel to position long into.
As always here are my Twitter/StockTwits handles so you can access the charts I post on most of these stocks I mention here as well as more --
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
