Everyone is so focused on picking the top and shorting the first chance they get in this market. I do not know why – other than the fact they all want to be the heroes that called the top. It is foolish. We are in an uptrend right now and until that changes, we will focus on the strong stocks from the long side. Of course there is a time to be cautious, and not buy – right now. But that does not mean it is a time to short. Plain and simple, there is a time to be cash, and wait and see where the next set up comes. No one knows whether we see a pullback via time or price yet. All anyone knows for fact is that we held the 8 EMA today with lighter volume selling and the IWN rallied back and reclaimed the 8 EMA with volume. The bears have not been able to grab hold and seize the chance to capitalize when the bulls are asleep. Until something changes, I will be bullish but patient. Not bearish. Just for the record, I think we see a pullback via time and not so much price but of course, like I already said – no one truly knows. We go with what we have right now and that is that we are uptrending and there are strong stocks doing well.
Apple is holding higher by a thread. It is ever so fragile. I would be careful with it – it is teetering on the brink.
Google is very strong right now and looks like it is heading higher, stop should be under or around 745. The only concern here is the volume, but regardless, it looks strong.
Amazon is weaker right now. Seeing a little more selling, now is not the time to be loading up with Amazon. We will see where the next set up is when it happens. No trade here tight now.
IBM is seeing a little bit of selling pressure but that is all that bad. It is coming in lighter volume and can still fill half that gap and be considered strong.
NFLX needs more time, simple as that. Do not buy a breakout here, yet.
$LOW and $HD are looking like they may turn buyable soon as they are resting directly on their 8 EMA’s, something to watch for now.
$GMCR looks really nice for higher prices however the earnings are on 2/6 after the close so I am a little more hesitate taking a position this close to earnings.
Hotel stocks continue to look pretty good ($H, $HOT, $MAR) However, they need to spend a couple more days in a tight, tight upper range to get me really interested.
$MMC is going to be on my watchlist in the coming days as it appears to be under accumulation and is nearing the breakout of a BBAT (Ben’s Bullish Ascending Triangle).
$FIVE, a recent IPO is looking really good now, broke out yesterday on MASSIVE volume and if we see another inside day price or a couple more tight consolidation days – I will be in this name.
$APKT is coming out a base and it looking like it may go in the coming weeks.
$BIG looks ready to move BIG, 16.5% short interesting, and room to run.
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