To say the least; today was wild. We were down so much (over 1%) intraday and then closed down only .13%. You could have made money day trading in this market if you were quick, I do not usually day trade and I said to my self that I would not trade anymore in 2012 because of the fact the fiscal cliff news in dominating the market and I really, really do not like headline driven markets. Going forward, I will continue to be remain cautious. The market did not seem to form that potent of a reversal, we did not see it close green, and we have not seen a massive sell off like we had coming into November 16th. Right now you can trade against the low of the day. Maybe we can see some kinda follow through tomorrow, at least in the morning, but I do not think that we are at a massive support. There will be better times to make a lot more money and therefore, there is no reason to fully invested in this type of choppy market.
Apple helped lead the market off the lows today though it does remain EXTREMELY weak and there is still the "elephant in the room", the huge head and shoulders pattern. If you would like a long TRADE then this could be a time to get in with tight stop at the low of the day because of how broken this stock really is. It still has a lot of resistance over head but is showing SOME signs of a possible short term bottom right now. Remain light.
Google has been a choppy mess and not a trade in there for me, I like a trending tight market and when there is a cluster of dojis with is dripping lower I generally stay away. It is nice to see it hold the 21 EMA and maybe we can build off today as we have came back down to some support. You could just as easily stay away though and not miss a lot.
Amazon fell below some key support yesterday (should have been stopped out) and now traded lower and held the 50 SMA but it is still broken and I do not expect a whole lot out of this name until we start to get back up to the those highs we just saw.
The banks held some key support today and you would like to see it build off the low of today but I remain cautious until we do see some follow through. The banks still look good for at least the first part of 2013.
Overall, stay light or just watch - the new year will hopefully bring more direction to this choppy tape.
Some names I am watching; $CMG $YELP, $FCX $DD $GMCR
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If you would like to contact me for questions/comments please visit the contact page at the top of the page.
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My 2013 predictions with analysis and targets all come out on the 2nd of January -- BE SURE to come back here to check them out and let your friends know about it also.
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Below these charts there are a few more I am looking at as a well as the big name stocks I always follow; enjoy!
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I would like to give you an example of how I time the market and look at the charts; below are a couple charts I tweeted throughout the day. No, I did not create the charts after the rally we saw.
Apple helped lead the market off the lows today though it does remain EXTREMELY weak and there is still the "elephant in the room", the huge head and shoulders pattern. If you would like a long TRADE then this could be a time to get in with tight stop at the low of the day because of how broken this stock really is. It still has a lot of resistance over head but is showing SOME signs of a possible short term bottom right now. Remain light.
Google has been a choppy mess and not a trade in there for me, I like a trending tight market and when there is a cluster of dojis with is dripping lower I generally stay away. It is nice to see it hold the 21 EMA and maybe we can build off today as we have came back down to some support. You could just as easily stay away though and not miss a lot.
Amazon fell below some key support yesterday (should have been stopped out) and now traded lower and held the 50 SMA but it is still broken and I do not expect a whole lot out of this name until we start to get back up to the those highs we just saw.
The banks held some key support today and you would like to see it build off the low of today but I remain cautious until we do see some follow through. The banks still look good for at least the first part of 2013.
Overall, stay light or just watch - the new year will hopefully bring more direction to this choppy tape.
Some names I am watching; $CMG $YELP, $FCX $DD $GMCR
-------
If you would like to contact me for questions/comments please visit the contact page at the top of the page.
--------
My 2013 predictions with analysis and targets all come out on the 2nd of January -- BE SURE to come back here to check them out and let your friends know about it also.
-------
Below these charts there are a few more I am looking at as a well as the big name stocks I always follow; enjoy!
-------
I would like to give you an example of how I time the market and look at the charts; below are a couple charts I tweeted throughout the day. No, I did not create the charts after the rally we saw.
My charts w/ notes for tomorrow --
