Today we had some selling, and then some buying near the end of the (like always) so in the end – nothing has changed, in that sense. However, we are starting to accumulate more distribution days on our $SPY chart, indicating some of the “big boys” are selling. This being said, it is NOT A time to go out and short the market. As you have learned, pressing short is not working and buying the weakness is. I say continue to do that but remember that eventually we will correct via time or price I do not know but you want to have the market on your side when you trade and the farther and farther you get into the rally the more and more difficult it is to buy longs without having the fear of price correcting. I am waiting for a nice base to form before really swinging again.
Apple is still really weak – no reason to talk a alot about that.
Google is stair stepping higher and looking good – hard to chase here though.
Amazon needs to monitored to see if it can show any strength in the coming days.
Banks could use a new base but that is not to say they can’t keep going. Hard to chase here.
Overall, nothing really has changed other than the fact we are racking up some distribution days and it is very hard to buy a lot here.
REMEMBER to come on back this weekend (likely Monday) to see my charts ~30 that I annotate over the weekend – always VERY helpful. As well remember to check out StockTwits50.com as my “Technical Spotlight” will be featured there as well this weekend.