Website is still a work in progress. Only thing I am waiting for now is for the domain to transfer from one hosting service to the other – this will hopefully be done within a couple days.
The market gapped down again this morning and then was bought, again. Eventually this will not be the case anymore. I think we are teetering on the the brink of pulling back or MAYBE blasting off. One thing is for sure though, we are coiled up for a bigger move now. Currently I sit more in the bearish camp because of the fact we sold off at the EOD with decent volume after we broke out and failed today. This is a real issue. The trade for this would be to short at the break of the low of today tomorrow OR fade a large gap up. I do not think this is a time to buy. There will be better set ups.
Apple gapped up today and actually traded higher (for once). I would like to believe that was because of my comments on the stock last night (before Demark’s) but I do not think it was… Most likely due to Demarks… Oh well. I said yesterday this could be a decent spot for position traders to get back into Apple, I still think that could be the case – but not so much if you are a short term trader. Here is why; we bounced today on lighter volume, I would have liked to see an accumulation day of volume today (bigger than yesterday’s volume bar), but we did not. There is still a massive down trend and it is coming back into resistance. 520 is a reasonable target to short against – good R:R for the short term trader to play it short.
Google is not in play right now for me. Sold off on lighter volume and held some support and I do think this pullback will be buyable but I do not think so YET. Support around 700 – be on the look out for reversal signal around there. Until then; be careful unless it gives a clear signal.
Amazon is still trending HIGHER and it looks like it wants to go higher. It sold off on lighter volume today and is at support. I would look to go long this stock, seems like it wants higher.
LNKD wants higher. Trending and hugging the 8 EMA (a stop under the recent lows).
INTC wants higher. Nice volume pattern and bullish consolidation.
USO wants higher, looks like a bullish engulfing bar today on volume inside a bullish flag.
GLD is holding higher and I would look to go long vs. the low of today.
TLT crossed through resistance today and showed a little more strength. I would look to be long vs. the low of today. Keep in mind though it bounced today on relatively light volume. Not my FAVORITE long.
FB needs time. I like it better at 28.80.
Well, I have my last exam tomorrow (business law), this exam should be a joke – we do nothing in that class and I have a 100% average. I would have to get no less than a 72% on the exam to keep an “A” in the class. I then go to NYC for the first time on Friday morning, this should be pretty fun, and I am looking forward to it (all except the weather). The farthest north I have ever been is the southern part of Maryland (near DC). Also, since I am traveling, and you follow me on Twitter you should expect a lot of pictures… Get ready.
Have a nice evening and I will talk to you tomorrow.