With the late day spike in the markets with the dip buyers coming back, again, we were able to close green. We negated that outside day that was potentially forming and actually saw some really strong volume come back into the market near the end of the day. As of right now, there is really not a reason to be short. We are still trending higher, and forming higher highs. Maybe we could break here but it really does not matter as long as the trend is still in tact. When we completely switch directions, and the trend fails – then we switch some gears and potentially short. Until we see the break of the trend though, I will continue to focus on the longs.
Apple needs to hold higher now in this area. The downtrend line is getting closer and we need to prove we are able to hold higher and break that trendline down before I am interested in this stock again.
Google just took a small break today. Everything is fine and it is stair stepping higher, looks good for higher prices.
Amazon surprised alot of people (specifically shorts) today with a powerful move upwards with strong volume. We broke the mini-downtrend line and we could trade back up the all-time highs again. This stock seems to be back in motion. It would be nice to see a hold higher or a follow through day tomorrow.
Banks took a small day off after some of them broke out yesterday. They look good for higher prices but manage risk and try not to buy the extended ones.
DE appears that it will be buyable back down around it’s breakout point which is around 89.20. I will be monitoring this as I like this name and the weekly chart is nice as well.
GE gapped higher and traded higher today which is a good, hard to get involved here but overall a nice chart that looks like it could go higher after it bases a while again.
JNJ has a nice trend going and it pullback a little today. I will be watching this for a swing entry as I love the weekly chart and it is on my 2013 investment list.
S needs to hold the low of the day to still be considered for a potential breakout candidate.
Continue to look for quality long set ups that are in strong bases and appear to be ready to breakout or consolidating nicely. Until we break the uptrend we need to look for these types of set ups as they continue to work well.