Well this week was a pretty big one as we tagged all time highs, and then came off of them.. a little. Going into next week like I have been saying for the past couple of days.. wait for some digestion. A couple more days (1-2) of this sideways action would be very good and would likely send us higher after that. The banks somewhat took their earnings “in stride” today which is a good sign as well. The longer we hold the breakout to all time highs the more likely the chance we will head higher. That is not to say we cannot sell off, we can and could. However, you need to recognize the trend is up and the probabilities say the longer we hold the breakout, the better.
Apple ($AAPL) is still weak as it gave back yesterday. Not something you like to see. Wants to break the 420 level.
Google ($GOOG) is not in play too much – let it develop.
Amazon ($AMZN) has emerged as the new leader of high beta ($LNKD too) and is showing a good bit of strength. Looks like it wants higher still. Would like to see consolidation day though (always nice bases then)
Gold ($GLD) has been weak for a long time and I said a weak more of holding under the most recent pivot on the weekly chart and we are likely heading lower. It happened today. This is a prime example of the idea that price action is king. It does not matter what you though Gold should have done – it went down. Period.
Goldman Sachs ($GS) showing a little strength today and it is on the radar for a trade through the 50 SMA next week. Looks alright.
LinkedIn ($LNKD) definitely reemerging leader here. Hitting all time highs today. Looks like it wants higher.. hard to chase now though. Something to get on a pullback most likely.
I will cover many charts in my “The Week Ahead” post this Sunday. The week ahead post includes about 20 charts, all annotated, and 2 videos going over the sectors and a few charts. Definitely something to come see.
As always, if you would like to ask me a question or comment please do so by Twitter (@BENCBANKS), StockTwits (@BENCBANKS) or the Contact Me page on this site. Have a great weekend.