Well we finally had it, the all – time closing highs. We have yet to get the all time highs overall, but this was the first hurdle. Only (I think) 5 -6 handles away from the all time highs. I found people “rolling up” the shorts on this entire move higher. I do NOT understand it, and I would NOT recommend it. The way I see it, is a nice daily consolidation/base and a breakout today. Base breakouts essentially mean that price is NOT extended, and that it could run some more. I would not be fighting this trend. Remember, the “resistance” is only resistance until the price confirms it. Sometimes price ignores it completely. I will be posting a article on the Personalities of Traders on Monday morning. I am excited to share it with you, I think it will be very interesting – see if you agree. Also, the “Weekend Charts” will be uploaded on Sunday Afternoon, like always.
Apple ($AAPL) looks like it is back to it’s old self. I would not really be looking to buy Apple here at all. Find something making highs.
Google ($GOOG) is the same way – I would not be looking to buy Google here. Wait. No strength.
Amazon ($AMZN) As I said yesterday in the Daily Analysis, Amazon is waking up a bit here. Really needs to get over the $269 level to be considered “really” good. Overall, it is OK.
BANKS ($XLF) are still a concern, though they do have a nice daily wedge forming. If it can resolve to the upside, we are likely to see some continuation in $SPY $SPX.