Without digestion our bodies would not be able to take on more food and drink. The same concept can be applied to the markets. Without digestion in these upper ranges the market is not healthy With this being said, a day or two off (sideways days) would be very healthy. If we receive that I think the $SPY will be buyable again for another trade higher. I continue to say though, be patient. A time to buy is not today – even if we go higher. A day or two off now would be the most beneficial thing.
$IBM looks pretty good for a swing trade (is is a laggard right now though) as long as it holds the 210 area.
Google ($GOOG) is still not doing much. I do not really like the pattern here, needs to show a little more strength.
Amazon ($AMZN) had another extension higher. As long as it holds the 264 level it should be head higher. Let it rest though first. Take some time off.
Apple ($AAPL) not much new to say – still weak. Do not like the pattern, a lot of resistance an is relatively weak.
Facebook ($FB) nice bull flag breakout today. Looks like it wants higher. Would like to see it for another flag to let some others in now.
Slow, methodical, patient, Consistent.
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