We finally did it, the all time highs are in on the $SPX. Congrats.Now the bears do not have much to hang their hat on… No resistance now! However, that being said. I do not think now is the time to buy from a trading perspective (or really any perspective). I think we need to consolidate again. The last buy point was when we crossed the daily resistance and pivot this morning and began trading out of the range. We need to a bull flag to form or a new base. Not much to do now. I was talking to someone today and they wanted to short $NKE $DIS and $TIF.. Let me tell you why I do not think that is a good idea. While are extended off the MAs right now, we are still in an uptrend. Two, we are at ALL TIME HIGHS. No resistance (two of those names are as well), and finally.. so what you might get a day out of the trade (one down day) but ultimately the real money is made following the trends, not fighting them.
Apple ($AAPL) had a nice little rally today. Still a lot of pressure on the stock though and I would not be focusing a ton on it.
Google ($GOOG) traded right back into resistance today.. We will need to see where it goes from here. Not a buyer now.
Amazon ($AMZN) is looking better as it trades higher and is hold higher. Would like to see the 261 level hold now.
Facebook ($FB) is looking pretty good. Nice bull flag on the daily. However, like I said.. The market is a little extended now and is not giving many entries.
I did a trade review tonight on a losing trade I had. Definitely a worth while video to watch here it is –
With that said, have a good evening. As always, if you have any questions – please feel free to contact me via Twitter (@BENCBANKS) or on this Website (Via Contact Page)