Well the day started out in the morning waking up to a gap down of about .5%, and after the NFP number came out it only got worse… over 1% gap down. I was tweeting saying do not short this gap down. I was patient, and caught a nice trade in $FAS in the morning, and sold when it broke the uptrend (little early). Anyways, the day progressed and we traded higher and higher giving multiple entries for those who were ready to act upon them. Going forward we still have some work to do to rebuild some of the momentum we lost this week – the resistance above will be a struggle. I will loko for a close above resistance (the MAs) next week, and then a hold above them to confirm it.
Apple ($AAPL) still looks like trash – looks like it wants even lower from here.
Google ($GOOG) is also not looking too good – if the market gets a bid back I would not short it but bounces into resistance seem like they will be short able.
Banks ($XLF $FAS) were REALLY strong today and almost closed green. Saying they were some of the ones to show weakness first it’s nice to see them show a LITTLE strength now.
I will of course cover many many chars this weekend in the “Weekend Chart” update that is uploaded on Sunday night, so be sure to come back for that. Meanwhile, below are all the charts I annotated and posted today on Twitter. Enjoy. Contact me for any reasons via Twitter, StockTwits (both @BenCBanks) or the Contact Page here. PATIENCE.