Even with the futures down over 7 handles last night we still managed to close flat on the day today, going to show how strong this market truly is. We continue to digest the past couple of weeks very well and with a couple more days, we could be on our way to make new highs again. I will be looking to buy some more once we consolidate (and show strength) in a couple days. I am not yet comfortable being long right now, some charts need some building first and once that happens I will step back in.
The banks showed some strength today but tapered off near the end. This is all fine, I think they could be the next leaders but they need more time before they are truly primed to make a run. Again, a couple more days of sideways action and they should be good.
Apple showed a decent amount of strength today though it still needs to get over Friday’s highs to really get in motion. Still consolidating but holding the key levels well so far. Worth keeping on the watchlist, just is not ready yet.
Google is still very bullish and I would NOT fight it but I will say it is OK if it rests some here. No reason for it to go up everyday, a few days of sideways action would set it up again.
Tesla is still rocketing higher with all the shorts being squeezed, amazing action in it. I would NOT be buying after this move and I would definitely not be shorting it either. This stock an move and so far all the shorts have lost in it. Leave it be for now until a pattern builds.
The biotechs had a strong couple of days. Could use a rest and then could move again. No, I would not chase them here but after a couple days of bull flagging, they could be ready again. Something to watch.
With all this said, I would not fight this trend. I would wait to buy though as well (I would like to see a couple more days of consolidation). If you have any questions/comments please feel free to contact me via Twitter (@BenCBanks) or Email (Contact Page on this website).
Have a good evening.
Here are some charts –