Today was “the day” according to many people that I follow we would “finally” pullback. Well, it wasn’t. They are were jumping for joy when the market was down a little bit saying they were “right” when in the end they were not at all. After a every down tick the bears would all come out saying “I told you so” and many have been saying this for weeks on end now so logically they will eventually be correct and we will “pullback” but we do not know when that point is – no one does – and sense we do not know this point, there is no point in calling for corrections.
My point in saying this is not to “put down” anyone, or even make anyone angry. Simply, I just want to be clear that following the trend is the only consistent way of making money. You have learned in the past couple weeks that if you had stayed with the trend – you have locked in a lot of profits. I am by no means saying I have mastered this – I have not, and more than likely never will. Always learning.
Apple provided the last part of the day with a little jolt of energy when they came out with some news and the stock rose significantly in about 20 minutes and closed within it’s earnings gap while at the same time trading with increased volume (meaning the “big boys” were stepping in). Apple was strong all day relative to the market and confirmed this strength in the late afternoon. Going forward we would like to see Apple close some, if not all, of it’s earnings gap. We must all remember however that Apple is still a laggard and really weak.
Google. Google broke to all time highs and then came a little bit but still closed solidly in the green with stronger volume. I would stay long if you are in it and look for the best entries for those that are not. It continues to be strong and a market so leader.
Amazon has a messy looking chart. It fell through support and confirmed a bear flag early today just to rally back and close under the 50 SMA. It is still relatively weak compared to the market and should be avoided by any eager longs – let the pattern set back up.
LNKD – LNKD demolished earnings this evening and is trading a lot higher after hours. I like this stock long if it is able to hold it’s earnings gap up and close green tomorrow (open vs. close). Should be on the watchlist.
NFLX is starting it’s grind higher as the momentum is waning. Still needs to monitored but add ons are more likely to start to fail. NOT a short.
BAC Still looks good for higher prices and is setting up nicely with strong support underneath it right now.
TSM is looking like it is going to make a run at breaking out in the coming days. I like it long, and the volume pattern is good, not extended either.
ANF has a really tight pattern right now is closing above the 8 EMA with solid green days. Looks for a pop in the coming days – a compelling chart.
Have a nice night, and as always – Tweet (@BenCBanks) or email me (Contact Page) if you have any questions/comments.