Alright this daily analysis has been an interesting one. If you follow me on Twitter (@BenCBanks) then you know my power has been out since around 4:45 PM EST and therefore I have not had the ability do the daily. But, now we have the generator on to get some power to pack for NYC tomorrow! Anyways, let’s get into it –
SPYs and the market broke out today which is a good thing. I think that this is obviously bullish. We consolidated for a few days and I have said, follow the trend UP and I will tell you when I become bearish. This has not happened yet, I continue to monitor the situation though. I do think we see a pullback sometime in the near future but I think it is silly to short an uptrend without a proper calculated entry. I have known people that keep on adding to their losing positions until they are right (which they may not ever be) and before they know it they are all in on a counter trend move that they should have not been taking in the first place. I have been guilty of this too, don’t worry – I am not the the perfect human.
Apple is nothing new at all – the gap was sold and some probably took it home short, there was no problem with that. Right now I would continue to monitor Apple and right now it does not look too bullish.
Google NEEDS time. I like it a lot more closer to 500 with a proper signal there. Earnings are coming up, keep that in mind.
Amazon still is holding in there. Looks pretty good. I do not think it is long though right now. Especially with earnings coming up.
I said USO wanted higher, and It did, nice trade if you took it. I did not. I think it needs more time now. It gapped up and faded down…
INTC also wanted higher. It was a nice trade but now we need to see how the earnings play out in it.
GLD nice engulfing pattern today, stops need to be at the low of the day for swings. Looks pretty good for higher prices though not the A++ trade.
TBT/TLT – if TBT hold this gap up tomorrow – I think it is a safe long. TLT is stil VERY weak, major support coming soon.
That’s it for now. I will be in NYC this time tomorrow. Let me know if you will be in the financial distract any time from 1-4 tomorrow.
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