I really do not have a better title for the daily analysis today. There really is not much to say different today compared to yesterday – almost the same candles. Anyways, at this point, I think it pays to be a little less trigger happy with new longs as we have extended up two days in a row now. A couple of days of rest would set up alot of charts for new and fresh breakouts. I do not know why people are calling a top in $SPY right now. Not that I am saying this will be like the 90’s but what IF it is? Will you (as the shorter), roll it up until a climax that could be 5, 10, 20, 30% higher? My point is, the trend is up and until it is not please do not try to be smarter than the market and short it all. You are not smarter than the market. Period. No one is. 

Another thing I would like to addresses is that the fact that the $VIX is making higher lows… So what. It is just another divergence. There have been so many divergences all year long, do not overcomplicate your strategy. The trend is up and right now any divergence trader is being put to shame. 

Anyways, we can get onto a few stocks that I usually talk about in the daily analysis – 

Apple had a ugly day today. The overall downtrend is still obviously in control and until it isn’t, it is. So please, do not spend your time picking the bottom in Apple… Just like you would not pick the top in $SPY..

Google is a MONSTER. Amazing action. I remember writing about how it wanted higher on a daily analysis around $800.. Little did I know where it would only a few weeks later. Again, would not the top caller in this one. Shorts are getting crushed in it as it makes all time highs.

Tesla – I thought I would cover it because it has turned into such a momentum name I feel like I must. A couple more days up sideways action in this upper range will likely set up for new highs and eventually the $100 roll! 

Gold – I mentioned I went swing short on it yesterday on Twitter. I am still holding but stop is above break even now. I am looking for at least a test of the 130 level. If that happens tomorrow, I will take it all off then.

Banks – similar to the $SPY – could use some time off after a fast run. Consolidation will be key now. I am eyeing them because I want to buy them too.

$GIS has a nice set up as it has been consolidating well in a nice base the past month. Over the $51 level it looks good with a stop around $50.40. See chart below. 

Have a good evening. I will see you all tomorrow. 

5-15-2013 GIS 5-15-2013 SPY 15

The Trend Continues – Daily Analysis