I do not think anyone would argue with you if you said “it is hard to be long up here” (unless they bought today). That being said, while it may be hard to be long and we NEED to rest soon (inside days), I do not think shorting is a good either. If you plan on shorting, let me ask you this.. has shorting worked for anyone else? No. So, why would it work for you? Use some common sense and realize the trend is still up and that is not stopping today or tomorrow. Of course there may be a day trade short somewhere here and there but overall the trend is up and those are trying to swing short are swinging themselves right on out of the business.
$SPY needs to consolidate, if we get a couple days of sideways action up here I will look to put on some more positions again.
Banks ($XLF) have been acting the best (owned $C since Monday – sold now). I think they could bull flag out a little bit and then we see more. Would not chase up here though, give it some time and room.
$AAPL is forming a nice bull flag. I like this pattern but to me it still needs to mature. So far it is developing nicely though.
Aggs ($MON, $MOO) have been laggards all year but recently have began to wake up. I like $MON the best out of the group here, nice bull flag but keep in mind how extended $SPY is.
$GOOG looks amazing. While it is hard to chase up here, I still think it goes higher of the course of the next couple weeks and months. If you want in, wait for the next consolidation.
$AMZN looks decent for a small cash flow laggard play as it bull flags (but still under major MAs). Not a favorite by any means. Use caution with the laggards.
That’s it. Hope you had a good day (and did NOT short an uptrending market). If you would like to contact me for questions/comments please do so by Twitter (@BenCBanks) or by the Contact Me page on this website.