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Welcome back to the daily analysis. We saw another move today showing MORE power and proving we want higher. I said yesterday that I finally felt comfortable being all long and having great confidence. I said this because I started to see everything line up again. Techs coming back (Apple specifically , the banks having a POWERFUL day, and finally, the forgotten leader, the homebuilers. As of right now we may be a bit extended and I would be looking for some consolidation tomorrow or in the coming days that holds higher. I would NOT be looking buy right now (as this would be chasing) and at the same time, this is also not a place to short. Play it smart, and it looks like right now, cash may be a good position.
Apple I mentioned yesterday formed a reversal signal and could have reached a short term bottom. It looks as if that is true. Right now it needs to get over the 555 mark to get anywhere. Again, i would not chase this price. Measure commitment on a pullback.
Google is hanging in there. I like the action and if it can hold around this are we could see another move higher and could potentially test the highs before their earnings report. Wait a couple more days though to see if you can get some more sideways action.
Amazon broke out today, I mentioned it in my Daily Analysis yesterday saying it looked like a perfect bull flag. Right now, I would not chase but I would exepect it to test the highs and surpass them very soon.
The banks ($C $BAC $JPM $GS $MS) all had AMAZING days and weeks. As of right now, I would not be buying but on a pullback, oh yes. BUY the banks. Keep a close high on them now as they are leading us higher.
Below are some charts with notes I have compiled. Your welcome.
If you would like to contact me for questions/comments please visit the Contact page for details!
(Click to enlarge)
Apple I mentioned yesterday formed a reversal signal and could have reached a short term bottom. It looks as if that is true. Right now it needs to get over the 555 mark to get anywhere. Again, i would not chase this price. Measure commitment on a pullback.
Google is hanging in there. I like the action and if it can hold around this are we could see another move higher and could potentially test the highs before their earnings report. Wait a couple more days though to see if you can get some more sideways action.
Amazon broke out today, I mentioned it in my Daily Analysis yesterday saying it looked like a perfect bull flag. Right now, I would not chase but I would exepect it to test the highs and surpass them very soon.
The banks ($C $BAC $JPM $GS $MS) all had AMAZING days and weeks. As of right now, I would not be buying but on a pullback, oh yes. BUY the banks. Keep a close high on them now as they are leading us higher.
Below are some charts with notes I have compiled. Your welcome.
If you would like to contact me for questions/comments please visit the Contact page for details!
(Click to enlarge)
