Well the market finally decided to breakout out of that horrible, stagnant channel we were trading it. I think we were all happy about that. We broke to the upside with the low volume right into resistance. I would be looking to trim, and trail tomorrow -- especially with a gap up. If you would like to be positioned short going into tomorrow, I could see it working giving to the weakness still in the overall market, but don't expect a massive pullback to the downside to the extent we saw to the upside today. There was strength in the leaders again today -- 

The home builders broke out of a minor channel and consolidation. I think homebuilders can continue higher. The next resistance on the weekly chart is 29.80 - 29.95. While the breakout today should not be chased, a pullback with the right conditions to 26.30 should be. 

The banks "flexed their muscles" again today. They showed some strength and helped lead the market higher. While the banks may not be as strong as the homebuilders, they are still helping us go higher. I would not buy after today. The risk to reward is not in your favor in this area.

Google broke out of it's wedge we were talking about yesterday to the upside (like I had said). I think Google can test 706 if it can get over the highs of the day today. I kinda like this trade personally. The risk to reward is in your favor and it broke to the upside. The volume could have been better however.

Apple continued to show weakness today. It broke 600 but then fell back below it. Eventually Apple closed for a loss for the day. I think Apple needs more time. Hasn't given me a whole lot of reason to own it. Needs to form a reversal power with a bit more conviction for my liking. 

LinkedIn had earnings tonight and has gone up to about 115 after hours. I would like to see this gap hold for a couple of days then maybe if the opportunity presents itself, enter for a continuation. I would be careful though. Don't want LinkedIn to the same thing as FaceBook.

Starbucks is definitely not a buy right now after this gap. The risk to reward is not in your favor at all. I would be careful here. Needs to base and consolidate.

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