I commented yesterday that today was not a day to be buying, or adding. This proved to be true today as we did pullback a little and formed a very short term reversal signal. I do not think this is a point of concern and I do think this market looks like it wants to go higher but as of right now, it still looks a little extended. A pullback to the 144 area would be fine, and still considered healthy and likely to go higher. Even a little bit of action into the gap would be fine.
Apple is still weak and quite frankly does not look ready to take off. As long as it is is above the 540 area though I think it still has SOME momentum there. I do not think this is a buy right now thought, there are better acting names to be in. Even for investors, I am not thinking Apple is a good play right, it is not showing any relative strength and NOT leading the market.
Google showed some strength today which is nice and I think Google looks like it wants to go higher. It is holding the gap well, any very short term people need to have a stop IN the gap, but just barely in it.
Same goes for Amazon, looks good for the most part. Holding the gap though I do not like how the volume is playing out, I would have much rather have seen expanding volume on way up rather than decreasing.
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It is time for some football! Fiesta Bowl on tonight!
Apple is still weak and quite frankly does not look ready to take off. As long as it is is above the 540 area though I think it still has SOME momentum there. I do not think this is a buy right now thought, there are better acting names to be in. Even for investors, I am not thinking Apple is a good play right, it is not showing any relative strength and NOT leading the market.
Google showed some strength today which is nice and I think Google looks like it wants to go higher. It is holding the gap well, any very short term people need to have a stop IN the gap, but just barely in it.
Same goes for Amazon, looks good for the most part. Holding the gap though I do not like how the volume is playing out, I would have much rather have seen expanding volume on way up rather than decreasing.
If you have questions/comments please visit the "Contact" page at the top of screen.
It is time for some football! Fiesta Bowl on tonight!
