HURRY! Run for the hills! We had one down day! This is the end! No, far from it. This is not the end. People are just too wrapped up in calling tops, there is no reason for that. We should just trade the trend and so far the trend has been up and therefore we should always look for the best entries to go long in a bull trend. That being said, it may not be BEST time enter too many positions (especially in $SPY or any of the index) as we are a little extended and could base a little bit. Being extended is not a reason to short though – far from it – it is a reason to step back and let the market do what needs to do to “reset” and consolidate. I think that is the stage we are in right now. We have had a massive move and rest would needed. I do not anticipate this rest/pullback to be deep at all, (see my post on why here - http://www.bencbanks.com/strong-tank-market/). That is not to say it can’t be, I will trade what I get but overall, the market seems remarkably strong. Selling off on light volume is also a positive sign for the market. Do not try to pick the tops – they will come to you.
Apple traded higher today but no reason to be a hero and call a bottom – it is far off and broken. I am staying away.
Google is resting which is great. I think Google will head higher. Nice gap hold and volume pattern. Hard to chase right now thought.
Amazon sold off today but you must remember there are earnings tomorrow so it likely has something to do with that.
DDD and SSYS sold off really hard today which is surprising given their strength. The market held in though and you will likely see a bounce in them. I hope you had stops. I never liked the names, they were always really choppy.
OGE and TSO are ones to watch now as they are coming out of some nice bases.