Today we saw a slight change in character for $SPY and the other indexes. I do think it is a prudent thing as a swing trade (if you are) to lighten up some longs and be methodical and patient with what will come. I do not think you need to be short into this big move down if you are not already short. I think if you want to be short you need to wait until we see a bounce back into resistance and then try it. Take your time though.
Below is a video I did this afternoon that goes in depth on the market action of today and what is likely to come in the coming days. Be sure to watch it.
Apple ($AAPL) is looking like it wants to go lower. Hitting support too many times, ready to go lower.
Gold ($GLD) has had a potent two day move. Be careful with knife catching – bad idea. Wait for a bottoming pattern to form. Gold is a good lesson in a sense that it does not matter what the majority think (or even the “smart” people), all that matters is the price action.
Amazon ($AMZN) is showing some strength and if can hold 267 in the coming days maybe it can see higher prices. Still could taper off now with the weak indexes.
With that said, have a good evening. As always, if you would like to Contact me for Questions/Comments please do so by Twitter (@BENCBANKS), stockTwits (@BENCBANKS) or the Contact Me page on here.