We traded higher again today. We have been in a very strong tape. Everyday we TRY to sell off and then pick back up and close higher. The past couple of days we have been going up on light volume, which is of course a concern but overall we continue higher. I do not think this is place to buying, I do not think we go a lot higher before some sort of pullback. The risk:reward is NOT in your favor here. I am on the look out for a topping tail, or another bearish candle to form to confirm my hesitation.
Apple had it’s earnings this afternoon and traded down significantly. I was in the bullish camp on this earnings report. Judging from the chart I thought we would trade higher, the risk:reward was not in favor of the shorts. Regardless though, we did sell off. I would look for a bottoming tail of some sort in Apple before jumping in. I do think there will be a time to buy it for a bounce.
Google gapped up today after their earnings yesterday. As long as we HOLD this gap up tomorrow I think we see higher prices. This goes for IBM, ISRG also. However, I do not think the risk:reward is the the favor of the bulls buying these names right now.
Amazon saw a little more selling. Not a problem. It may need some more time to consolidate. I would wait for an entry.
Yahoo looks pretty good here. Looks like it has formed a bullish flag and wants higher.
HPQ is trying to put in a bull flag and this should be monitored.
SINA broke out today – said it looked good today – given the state of the market, I would not chase now.
BAC looks like it needs more time. I am NOT A buyer here, yet. Be patient. It is at some resistance.
LULU is sitting right at some major support – look at this area for a possible bounce.
MSFT is nearing the top of it’s channel, I would take some profits.
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