Today we cruised even higher, despite all the bears saying game over. The one thing that is always the best idea is trend following. If you are able to stick with a trend for all it’s worth then you will be good (I am speaking to me, as much as you). Obviously it is hard to initiate positions up here, and I will not be but as a whole this market looks strong. I will wait for a a pullback or consolidation to let the 8 EMA catch up. We need that for me to get into alot of longs again. I would not be loading up the shorts right now – you can see where that gets you. I would remain patient with the market and as we extended, do not look to buy as much as you had coming out a base. Patience and trend following are the two main keys (for me at least).
Apple had a nice day today breaking the 8EMA – we will see where it leads to but overall, the pattern is still broken and I would not get too excited about it.
FB is holding in there but not showing much momentum.
BBRY was a stand out today soaring a ton – not one to chase now.
Amazon was notably weaker – I need to see more strength before I buy.
Google needs more time up in it’s new flag/base before potentially trading higher.
Monsanto looks good as a swing trade, but remember the market is a little extended and therefore I will not buy it (most likely).
That is it for today’s analysis. I hope you had a good day. As always, Tweet me (@BenCBanks), or email me (Contact page on website), if you have any questions or comments.