Well this market is TANK. We do not seem like want to go down. We are not “overbought” or how I say “extended”, the volume is confirming the moves, and we continue to rotate. It is quite remarkable. I am impressed. I think we could see some consolidation but I think that consolidation will be buyable. Consolidation is the worst possible scenario for the bears out there. They do not get to cover their short with the pullback they wanted and they are forced to take a loss. I am not short, I tried to short the market today and took a loss. I have learned a very valuable lesson – do not pick tops, and do not pick bottoms. I know everyone always says that but it one thing to say it, and another to do it. It takes discipline. I think this is a strong market and on any consolidation/bull flag I think it will be buyable. The fact that we continue up at such a slow rate is keeping us from being overbought or extended. So in summary – stay long, the trend is your friend but do not buy extended charts.

Apple is piece of trash right now. We need for data to confirm a bounce or any long trade.

Google looks like it wants higher, needs a little more time up here but I think we see higher.

IBM is the same as google – we can see higher after a little more time of consolidation.

NFLX looks really good – I think we see higher prices and it is possible this is the next Apple. I of course would not buy it at these prices but the volume looks good and the money must go somewhere.

Amazon broke all time highs again to today. We have earnings on Tuesday so be careful, it may be a sell the news event. If it weren’t for earnings.. I would say it is a chart that is going to go higher. I like it alot. Keep it on the watchlist.

I will post many charts over the weekend – be sure to check back here. Email/Tweet me any questions or comments you may have.

1-25-2013 SPY



NOT ‘Overbought’ – Daily Analysis –