Let me start out by saying, thank you for your cooperation with dealing with the TWO ads on website (Trading Journal and Charts page). I would also like to give an extra thanks to the people who gave up two seconds and clicked on one or both of them for me (I only earned 1.25 yesterday, but hey it isn't about the money).
Today we held higher again and we look to making another run at the 50 SMA. I think with this is a key level we need to pass through. I do think we can move through this level though, my bias is to the long side. My reasoning for this is as follows -
- Held higher despite the APPLE fall
- Gave a nice move today, closing at highs (first time in a while).
- the MA's continue to rise

There is one point of concern I watching though... The volume, I would like to have seen a little more volume come into play today and a decent up day. This isn't to say we go super lower and not higher, but it is part of the reason why I am not buying so much right now. Another reason why I am not buying much here is that IF we do break higher, we can continue, and there is ALOT more money to made after the first day. No reason to gamble more on the first day if you can wait and confirm the action. 

Now onto Apple. Apple had a NICE reversal today. Wow. On good volume. I think this can open the door higher prices, but that does not mean it is that tradebale on the long side YET. I think it still has alot to prove to us. It has been weak and we would all like to see it get back to being a market leader. That could really help the market get going. We have formed a potent reversal on volume and higher low AND a slight double bottom.... Those things combined shifts my biased to the long side on Apple but I am not buying, not yet - do what you do though, there are trades. 

Google seems to holding support. I said yesterday that it NEEDED to have a green day soon to confirm that it is still in the game to see higher prices. It gave us that today, thankfully. The volume on Google though was not great, but not alot of volume was today (where did everyone go?). We could see higher prices in Google but it is not worth the risk of my money yet. 

Amazon still is STRONG. This one never seems to quit. Always seems to amaze me. It did see some volume today and closed with a doji so there could be a little more downward action left in this one and I would not chase, horrible idea.

LULU had a NICE day today. It traded really low (66.60) and closed UP 7.26%. This was all done on volume, which is a huge indicator for me. We will probably see more upside in LULU but as of right now I am buying, not yet. Still in a channel/triangle and needs to prove it's way through that.

Starbucks finally had a move that everyone was looking for. Huge day up on volume above resistance. Congrats if you were long this one. Right now it would be nice to see a bull flag with consolidation then a move higher. A potential place I would look as a target is 55.40.

The homebuilders have been kinda out of play recently. I continue to monitor them because they have been leaders in the past but as of right now I am not a buyer, just seems to be weak. 

The banks have woken up though. 

  • Goldman Sachs seems to be trying to make a base to trade againist but there are better bank plays out there. 

  • BAC for one, holding higher. For me to bid, I want to see at least one more day of consolidation because we did see a SLIGHT outside day today and I would like to negate that. 

  • Another strong bank now is CitiGroup (C), almost as strong as BAC right now and same goes for it. Needs to base out and bull flag a bit more for me right now. 

Now for IBM, continues to be weak. Bounce today but on light volume  I would like to see this one really wake up to really start to confirm a market rally but as for now... Nothing. 

Facebook could pull in a bit more from here.. just a pullback though. It had a light volume sell off which is a good thing but it has came a long way and the R:R (risk to reward) is better at lower levels. 

Wow. This was a huge Daily Analysis, I did not think I would end up typing this much. IF you learned something or thought it was worth time in reading would you please spread the word but Tweeiting/Emailing/texting or doing whatever to all your other trading friends. That would mean alot. 

Contact info --

Twitter - https://twitter.com/BenCBanks
StockTwits (to see charts I post there) - http://stocktwits.com/BenCBanks
Email - Banks@BenCBanks.com

Disclaimer: I am long $K right but do not like the action too much. We will see. Just holding it. 

Leave a Reply.