The above picture is a gift you from me. I think the spreadsheets can really help out in the lining up of trades and I sometimes use them.
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Today we had the pullback we have been talking about for some time now. I tweeted this morning and sad by opening up that high, we could easily see a pullback the rest of the day. We did that exact thing. I do not think this is a time to switch gears completely, but it may be wise to take some profits off the table now. We are not full blown bears right now, we are still holding higher and potentially consolidating. I think this is going to a buyable pullback. We have not reached a buy signal yet though so do not buy just yet. What tells me this is that that we saw a light volume day today on a down day. Moe often than not, bigger reversals happen on heavier volume (remember a few Friday's ago). What I am looking for now is a another couple datys of consolidation and then eventually taking out the 50 SMA.
Apple today was still a little weaker today. You must look at the bigger picture though, it is still holding higher and potentially forming just a bull flag. I do not think that it is done forever, and it will just taper off. I think it is holding up well and showing a little strength. Maybe in a couple days we can tell more.
Google finally hit our target after a decent trade. Today was a day to switch some gears in that one as it formed an outside day. I do not think that is bad though. We would like so see some tight consolidation before heading higher.
Amazon finally hit a resistance and is taking a well deserved break. I think this one can pullback back a little bit more than some of the other ones just because of how far it has come in so little of a time.
Facebook also hit some resistance today and is taking a well deserved break. I think we need to hold the $26 area and then look at it again from there. We can buy after a reversal sign or some muscle "flexing" again.
Overall, we have came a long way and could pullback some. Do not get super bearish though, some of the leaders still have been holding up and we pulled back on LIGHT VOLUME.
As always here is my twitter/stocktwits (I post many charts there) -
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
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Today we had the pullback we have been talking about for some time now. I tweeted this morning and sad by opening up that high, we could easily see a pullback the rest of the day. We did that exact thing. I do not think this is a time to switch gears completely, but it may be wise to take some profits off the table now. We are not full blown bears right now, we are still holding higher and potentially consolidating. I think this is going to a buyable pullback. We have not reached a buy signal yet though so do not buy just yet. What tells me this is that that we saw a light volume day today on a down day. Moe often than not, bigger reversals happen on heavier volume (remember a few Friday's ago). What I am looking for now is a another couple datys of consolidation and then eventually taking out the 50 SMA.
Apple today was still a little weaker today. You must look at the bigger picture though, it is still holding higher and potentially forming just a bull flag. I do not think that it is done forever, and it will just taper off. I think it is holding up well and showing a little strength. Maybe in a couple days we can tell more.
Google finally hit our target after a decent trade. Today was a day to switch some gears in that one as it formed an outside day. I do not think that is bad though. We would like so see some tight consolidation before heading higher.
Amazon finally hit a resistance and is taking a well deserved break. I think this one can pullback back a little bit more than some of the other ones just because of how far it has come in so little of a time.
Facebook also hit some resistance today and is taking a well deserved break. I think we need to hold the $26 area and then look at it again from there. We can buy after a reversal sign or some muscle "flexing" again.
Overall, we have came a long way and could pullback some. Do not get super bearish though, some of the leaders still have been holding up and we pulled back on LIGHT VOLUME.
As always here is my twitter/stocktwits (I post many charts there) -
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
