Nice grind up continues and it continues to be profitable for those who are nimble enough to switch sectors and follow the rotation. Many of the banks broke out today with some good volume and look to be starting another run up ($C and $BAC in particular). Solars continued to see some strength as we head into the Presidential address tonight, they do not offer good R:R here though. $SPY continued it’s stair stair approach higher and until something changes, do not fight the trend. It has been working well.
Apple is still very weak. Closing with strong volume and definitively RED.
Google took a small break, which is fine. Google sold off on lighter volume and looks to be setting up again here in the next couple of days.
Amazon is out of play – do not focus your energy on it.
$MENT is setting up for a breakout. Needs to do it tomorrow or I think there is a chance it could fail but overall looks good. I like the volume pattern and it is really tight right around here.
$DUK broke higher today and is not that extended, potential swing idea there.
$DE traded higher on strong volume today. Looks to be a good swing candidate as money rotates back into this name.
$DISH is inside a strong ascending triangle. Something to monitor for a break higher sometime in the next week or so.
$ADBE broke down early and then rallied back hard – looks good for more upside now.
Find the right bases and the stocks that are NOT extended and you will most likely get paid (Ex. $C). $SPY is a tad extended, but it has been for weeks – just focus on individual names for now, seems to be working.
Email or Tweet me (@BencBanks) if you have any questions. Have a great evening.