Well the trend continues, and we continue to make higher highs, and higher lows. As far as I am concerned, that is all I care about. I will follow the trend. There are parts of the trend when I think that it is a better idea to wait and see but I do not like the idea of betting against the trend – just isn’t smart in my eyes. Regarding the market right now.. I think it is hard to buy. Hardly any consolidation or pullback, and we continue to be extended. I am looking for longs, but I am not looking to put a lot on right now. The majority of charts are extended, and that is the reason why I did not take $MS (Morgan Stanley) home tonight. The chart is extended, and the weekly is too so I just took my profits and will leave it for now.
Apple showed us it’s weakness again today, there is not much to be said about Apple other than it is a VERY broken stock and looks like it is heading lower. It is such a nasty chart, and there really is not a reason to be talking about. I am ignoring it completely – it is not compelling.
Google is strong, and I mentioned yesterday that we could likely see another move higher. We got that today and there is not any reason why we can’t keep going after we see some consolidation. I do not think it is a good idea to chase Google here but definitely something to monitor as we go forward for a potential continuation move to bust through with strength the all time highs. I like this name, and it is in motion – focus on it! It is a high probability that all the Apple money flowed into Google.
Amazon is out of play right now. Looks like it has formed a short term top and should be avoided. A no trade.
C – Citigroup – Looks like it is ready to make another run up. I like this name a lot going into next week, if we print an inside day on Monday we could see a strong break through on Tuesday. Something to monitor.
If you took the $TSO trade with me it is time to trail alot. It has been going up lighter volume, and printed a non-so-bullish candle today.
Same with $OGE – Looks good but be careful.
Banks are in motion here, and I will focus some more time on them next week. I like them alot.
Overall, do not fight the trend right now. We are going up, and until that changes – you do not change.
I post a lot of charts here over the weekend so be sure to come back and give it a look!
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