Today we absorbed the down open and the market was bought up again right around the 8 EMA. I am telling you, this market is resilient. It is very strong, and as far as right now nothing has changed. We have continued to see more rotation, and a strong trend develop. Of course you may not want to be looking for massive winners right now but then again, there is no reason to fight the trend. People often sarcastically say “we are going to the moon”, well to that I would say “why not?”, as far as trends go we are staying with it so I do not care where it goes as long as I am apart of it. I sometimes feel like I am broken record when I say this day after day but it is so true. If you are able to stay with a trend then are much more likely to earn money.
Goldman Sachs ($GS) continued higher today and the trend is not stopping as far as I know. There is people out there everyday saying this is the day, but day after day, they are wrong. This is a good example of a stock that you could have had a swing position in and said I will stay with it as long as it is trending, you got paid – big time.
The oil sector ($SLB $OIH $HAL and more) really took the lead today and broke out of long term bullish patterns. I am looking for an opportunity to swing some stock in this sector as it looks like they are the ones that were just “passed the baton” to continue to the rally – we shall see. They all saw strong volume, and look good.
The solars have continued their momentum ($SCTY and $FSLR to name two) and as far as I know. they will continue until they do not . Time your entries though as some of these stocks are extended now.
Apple needs to form a lower higher here to stay alive. I have no position, it is till a broken stock and needs to cross the downtrend line for me to become interested.
Google is stair stepping higher and looks to be going to take out the all-time highs again.
Amazon has a nice trade presented here as it was powerful yesterday and now has a confluence of support (moving averages, and candles) underneath it, you could potentially swing it vs. those lows.
$XLNX broke out yesterday and was one of my stocks from the weekend, it looks good. Came out of a long term basing pattern and could be developing a strong trend.
$MENT looks like it needs some more time. It is slightly still holding the uptrend line but showing a little weakness.
$UIL also from the list over the weekend broke out recently and is starting to what it looks like to be a strong trend.
$SMH after breaking out (listed over the weekend as well) this sector has been TRENDING higher. Looks good. Nice pattern that it broke out of.
$ECL also broke out today (from the weekend list) and you could try to play this stock with a stop under the low of today. Looks good, not extended, and strong volume today.
$TSM listed a low risk entry after a breakout last week and now it looks to be starting a trend, looks good.
$LOW is pulling back to the breakout zone here, looks like it could bounce – may want to monitor this set up.
$TGT broke the downtrend line today and looks OK here. Nice lower level trade that I mentioned over the weekend.
$TER broke out today from a nice base. Looks good for more and potentially a trend started – monitor it.
$CCK listed on the weekend chart list for two weeks now is continuing higher and starting a nice uptrend after coming out a strong basing pattern.
$AIV is one you could be looking for entries in as it recently came out of a strong base and is looking good but a tad extended.
As you can tell, the weekend charts is a very good resource for you to use – all these stock have been listed on there. I usually post the weekend chart update the day before the market opens for the week. Hope to have you come by and check them out.
Have a good valentines day! Ben.