I feel like my titles for the Daily Analysis are becoming extremely repetitive but I really do not have a choice. The market continues to do the same thing every and form the same patterns every couple of weeks.
We are now “holding Higher” and as long as we hold Friday’s lows we should trader (grind) higher next week. While I know it is hard to be extremely long at these levels, it is also extremely STUPID to be shorting up here. No one has made money short this market in the past few months – what makes you any different? Anyways, I will not cover alot in this post as I the “Week Ahead” post is this weekend.
If you do not know what the “week Ahead” post is, you should. This is what it will include.
– 2 videos, one sector analysis, and one security analysis
– about 20 annotated charts
– 3 solid paragraphs describing the action
I highly recommend you coming by and viewing this post. It helps you get started on your preparation for “week Ahead”. It will be posted on Sunday morning.
Apple ($AAPL) was weaker today but still did not close below the 8 EMA. I do not really like the pattern it is forming but as long as it is above the 8 EMA, it is going to more difficult to short. I would avoid for now.
Google ($GOOG) is a monster. Looks like it wants higher but I would NOT be chasing it up here.
Oracle ($ORCL) has a nice looking pattern as it showed relative strength on Friday and is holding higher now entering the gap. Check it out.
Amazon ($AMZN) still not a leader but not one I would want to be short either. Reclaiming the MAs and looking alright.
With all this said, I will see you Sunday. Have a good weekend.