Before we really get started I would like to inform all of my readers about something VERY exciting…. I am getting a REAL website with a REAL URL. I have been working on it all weekend, and it is ALOT of work but I think I have almost completed it. It should be live here in a couple days, I will be sure to let you know. When that day comes, this site will know longer be in use.
The market is holding steady which is a VERY good thing (for bulls). I think we still look and feel like we are going higher and quite frankly the more people load on the shorts right now without any definite top… the stronger the squeeze will be. I will let you know when I turn bearish on the market and feel like we are faulty but so far all we a are doing is consolidating at highs. Keep it light though, you do not ant to chase right now.. A couple more days of sideways action and you could see another leg higher.
Apple is so weak right now. I would not want to be long this stock whats so ever. It still has the head and shoulders pattern (visible on the weekly), and on the daily it still looks extremely weak. We close with a doji today so maybe we try to fill the gap (some) tomorrow but overall.. I do not see a strong trade here. I would also be careful being short because of doji close with volume, and the extendedness, and the earnings coming up.
Google became a little more faulty today as it sold off and broke the 8 EMA on volume. I would have been stopped out if I owned it. It sill has the 21 EMA that it can bounce off of so that is good and then trendline support around 717. Uptrend is still intact though it did close on the lows so I would be careful.
Amazon is the strongest out of the high beta land.. I mentioned multiple times last week that I liked Amazon for higher price and right now it is sitting at all time highs…PRICE PAYS. I would wait for another entry now but overall, it still looks good and looks like it wants to grind higher.
Dell had a wild day today.. I mentioned I liked it long this afternoon before the massive rally started. This is a good example of how you do not have to know what was going on behind the scenes to still participate, the chart tells the story.
Have a nice evening, I can’t wait for the new website!
If you would like to contact me please visit the contact page.
Holding Steady – Daily Analysis