this market is choppy right now. The last thing I would have guessed we would have done is gap up and trade higher all day long to close on the highs. I think this is remarkable, and really goes to show the strength of the tape right. Using less size, or waiting to probably the right thing to do. Let things settle out. Wait for a new pattern to build. Some stocks look OK (ex. $AMZN) but others still need some work. Overall, just take your time. It is hard to be long here but then again it is also VERY hard to be short. 

Apple ($AAPL) is still hold on to the 419 level. The long it can hold it, the better. Maybe it can form a bottoming base down here.

Banks ($BAC, $GS, $JPM) $BAC looks the best (earnings tomorrow), $GS is looking pretty weak and so is $JPM. Same thing here. Wait for more information. 

 

That is all there really is to say today, I am sure it is frustrating to some to gap up and then trade higher all day after such a potent move yesterday but that is just what we need to deal with and we can do that by waiting.

Have a good evening. Charts I posted today are below.

4-16-2013 IWM 5 4-16-2013 SPY D not

Chop – Daily Analysis