put simply, the trend is still up and very much intact. Many people are calling for tops, and saying we are going pullback – but why say it now? I have read so many people say “this is it. Time to go down.” and then they give various reasons for it but regardless of what anyone thinks, or claims they know… There is ONE thing we all know, for sure, it’s that the trend continues, and it is UP. I would continue to look for long set ups but be hesitate of the fact that we are in a little more choppy environments. Of course we could always break the trend tomorrow and that point we can become much more cautious and maybe even put on some shorts, but until this happens.. Why fight?
Apple is still weak and not really showing us much strength. It faded lower after trying to make a run for the earnings gap. Not a great sign.
Google is setting up for another take at all-time highs. Looks good.
Amazon is weak right now and is making a perfect bearish flag. A fall through the up trendline, and the 50 SMA could send this one down a lot more.
Banks are setting up nicely too, $c looks like it is going to be the next one to take off. $BAC looks good as well. I like them a lot, and as long as they are trending – the $SPY will most likely too.
Continue to look for strong stocks, and stay with the trend.
Email me (contact page) or Tweet me (@BenCBanks) if you have any questions/comments. Have a nice night.