The market almost had a reversal today, but it failed near the end of the day. It did however hit right on support, so a bounce or some days of consolidation should not come as a surprise. I think there is still room to go lower unless we form a constructive base here in the next couple of days. I do not recommend buying tomorrow though as a swing, it is still weak, and did not give you a reversal on the daily.
Apple hit directly on support today therefore we could see a bounce or consolidation now. I do think Apple has room to go lower with the appropriate basing pattern forming first though. I would set my stops long around 515 (to be safe) but in reality you shouldn't own this stock long right now.
As for Google, we are coming right into support as well. The volume is still light which is a good thing, but not good enough of thing to make me want to bid into this stock. If Apple goes down, you can bet in Google to go down also. I would stay away for now.
The banks ($XLF) look like they are going to 15.05. From there the next few support levels are 15.00, 15.05, 14.85, 14.75 -- Trade these levels accordingly. I wouldn't be long much $XLF here, if any at all. I would definitely not be buying it.
The hombuiders showed more weakness today and the 23.43 level is looking like it is a magnet for this industry. I would stay away until we stick in the ground.
Well, that's it, if you have any questions feel free to ask me! In summary I would say, be smart, and conserve your capital there is no reason to waste your money on silly little trades that will most likely not go your way. Play it short, or play it CASH. Wait for the appropriate reversal, and stick in the ground.
Apple hit directly on support today therefore we could see a bounce or consolidation now. I do think Apple has room to go lower with the appropriate basing pattern forming first though. I would set my stops long around 515 (to be safe) but in reality you shouldn't own this stock long right now.
As for Google, we are coming right into support as well. The volume is still light which is a good thing, but not good enough of thing to make me want to bid into this stock. If Apple goes down, you can bet in Google to go down also. I would stay away for now.
The banks ($XLF) look like they are going to 15.05. From there the next few support levels are 15.00, 15.05, 14.85, 14.75 -- Trade these levels accordingly. I wouldn't be long much $XLF here, if any at all. I would definitely not be buying it.
The hombuiders showed more weakness today and the 23.43 level is looking like it is a magnet for this industry. I would stay away until we stick in the ground.
Well, that's it, if you have any questions feel free to ask me! In summary I would say, be smart, and conserve your capital there is no reason to waste your money on silly little trades that will most likely not go your way. Play it short, or play it CASH. Wait for the appropriate reversal, and stick in the ground.
