Alright well today we worked off SOME of the "extendedness" I saw in the market yesterday. In the process we formed a topping tail with some good volume in the indexes. This is a point where you lighten up on some longs and potentially short for quick trade. My short term pullback target is around the 8 EMA (this would help work a lot off the "extendedness"). I am currently short the DIA with the DXD and targeting around 48 though I will likely sell before there. We are in an uptrend right now and currently there is nothing stopping us from continuing, all I am saying is we are currently a little extended - nothing goes straight up.
Apple is STILL weak. If this weren't for Apple, I would not cover it all in my blog posts but because it is, I feel like I need to. I still think Apple is a day trade only stock, still very weak but there are HINTS of bulls in the stock right now, but then again - I am not a buyer yet. Nor am I a daytrader.
Google is still showing some strength and I still like the name a lot but personally, right now I do not want to buy it. The market is a little extended and it closed with a doji today. This does not mean it will no go up and test resistance but it is just a trade for me.
Amazon is the strongest stock in "high beta land" right now. Nothing seems to pull this one down. I will still say though, it isn't a long for me right here either. The moving averages really need to do some catching up and it can still easily roll over a little bit.
Facebook is looking really nice for higher prices. I think we can see another up move in this one VERY soon. Ideally I would like to see one more up day that stays below 28.26 with some increased volume, this would confirm my thoughts. I think it does head higher though. Riding the 8 EMA like a champ.
YHOO is extended, that is easy to tell. I would not initiate any longs just yet, let it pullback some first.
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Apple is STILL weak. If this weren't for Apple, I would not cover it all in my blog posts but because it is, I feel like I need to. I still think Apple is a day trade only stock, still very weak but there are HINTS of bulls in the stock right now, but then again - I am not a buyer yet. Nor am I a daytrader.
Google is still showing some strength and I still like the name a lot but personally, right now I do not want to buy it. The market is a little extended and it closed with a doji today. This does not mean it will no go up and test resistance but it is just a trade for me.
Amazon is the strongest stock in "high beta land" right now. Nothing seems to pull this one down. I will still say though, it isn't a long for me right here either. The moving averages really need to do some catching up and it can still easily roll over a little bit.
Facebook is looking really nice for higher prices. I think we can see another up move in this one VERY soon. Ideally I would like to see one more up day that stays below 28.26 with some increased volume, this would confirm my thoughts. I think it does head higher though. Riding the 8 EMA like a champ.
YHOO is extended, that is easy to tell. I would not initiate any longs just yet, let it pullback some first.
Contact info for comments/questons --
Twitter - https://twitter.com/BenCBanks
StockTwits - http://stocktwits.com/BenCBanks
Email - [email protected]
