The market has came a long way in the past four days (and to many’s surprise). Because of how far we have traveled in the past couple of days it is a prudent thing to know your timeframe. As we extended, core long trades will be more difficult to find and the chasers will be more likely to be burnt. Personally, a pullback to the 8 EMA an a hold of Wednesday’s lows would be bullish (and would form a flag), and I would likely enter some swing longs at that time. I see too many people trying to catch a train that already left.. If it is going to be a long ride, it will stop and give you a chance to get on board without chasing. The lesson in that analogy is be patient as things get extended and do not let the emotions of missing your train get the best of you.
Apple ($AAPL) not much new here, maybe trying to form a higher low but other than that, the overall trend is still in favor of the bears at this point. Still has a lot of prove from here.
Google ($GOOG) needs to hold the $804 level to really keep strong momentum in the name, looks ok though.
$KORS woke up today and could be on the radar now to see if forms a high level flag.
$GLD, the downtrend is still in place and we do NOT know if this is the bottom yet or not. Not buying it.
$TGT broke out of a nice base today (talked about it last week and early this week). Looks headed higher.
$TSLA is still getting squeezed, I want back in – will be looking for an entry.
BANKS ($XLF) could use some time off, no reason to be up this much everyday. A couple days of a rest would be VERY helpful.
$REGN looks poised to breakout, though I would be aware of the overall market at this point – it is a little extended.
$SAIA looks poised to run higher (was on my ST50 article this past wednesday). I like it, nice base.
$FSLR should be on the radar in the coming days, looks like it is trying to form a higher bull flag. Nice momentum in this name as well (SHORTS SQUEEEZE).
With all that said, keep it simple and be aware how extended we have become. Do not have short on the brain and look to buy if we have some consolidation.