($SPY, $SPX) Well today we honestly just saw much of the same. We traded out of the tight range we formed late last week and then proceeded to explode higher. This trend is strong, and although we are coming into some resistance, it is a good idea to wait for really a strong break of the trendline before you short this market. There continues to be very unattractive chart set ups currently out there and some names continue to move.
Apple is trying to form a higher low for the third time. A continued trend of this will eventually allow the stock to break through the massive downtrend line and potentially send us back up to the 200 SMA. Wait for confirmation though, as this stock is WEAK.
Google is continuing to stair step higher, hit all time highs today and I think once another base forms it will be a buyable stock.
Amazon is looking like a bull flag that needs to hold the day’s lows to continue to show strength. Looks decent.
$TBT – Over 69ish you will be able to quickly get a move to 70ish and then you can see from the weekly chart – there is ALOT of room to the upside in this group.
$JNJ continues to make new all times. Looks good. Target from the 2013 investments was 79.00.
$M needs to break the the 41.20ish area to get me interested, it is on watch though.
$MENT finally broke out today though it faded all day long and I exited my position for a small gain — Not very strong today. Would have liked to see a close near the highs.
$CELG needs over 101 to get people (like me) interested. Looks good.