$SPY $SPX – As I said yesterday in the Daily Analysis, time and patience is required and it is frustrating sometimes when you are trading. It is one of those skills that can only be taught by experience, not a book or a friend. You must be the one out there losing your money and then it will dawn on you that you NEED/MUST have patience in this business. I think we are still in a time period of “wait and see”, I do not think bulls or bears really have that much of an advantage as are wedged in between two major MAs. However, a hold below the 8 EMA tomorrow and we will likely see the 50 SMA soon, not a bad thing, I think the dip will be “buyable” then. We will see when that happens. Overall, just take your time – do not rush – wait for some clarity.
Apple ($AAPL) needs to hold the 8 EMA for another day or two and show some more strength and then it is likely we will see the 50 SMA break, and we will head higher. As of now – give it TIME.
Google ($GOOG) is out play right now, I do not like it really – not looking good for momentum, and not showing ANY strength.
Goldman Sachs ($GS) broke lower today and tagged the 50 SMA. If you believe it is a leader then you would have to say the market is going to follow – I will leave that up to you on what you believe.
Sprint ($S) FINALLY broke out. I have been holding this for a while now and it finally had a nice move. I will continue to hold for a long term swing play. Will not cover it everyday. Stop is around 5.85 though.
Amazon ($AMZN) maybe kinda tried to put in a bottoming tail, but as you can, I am not convinced. I would stay away.
Just give the market some more time – sets up WILL Come back at some point.