Well as I have all this week, we need some more infomation before really sinking our teeth in and trading. I still think that remains true.. However a pattern is forming. We have developed a wedge pattern here that looks like it wants to break lower. I will wait and see if we see any sort of continuation or hold lower though before acting on any such bias. With the banks breaking and some of the leaders fading.. I do not think this is a time to be heavy on the longs. My plan personally is to wait it out to see which direction we trading towards. I think there will be an entry.. It is just a matter of when. Be patient.

Apple ($AAPL) is not appealing from the long or the short side right now. I know it held where it had to and all that today and closed green, but that does not give me enough conviction buy it. Especially with the market in the state it is in. 

Google ($GOOG) is really starting to weaken. I do not like the pattern forming here and a close back under the 8 EMA and we are likely in for a deeper pullback. 

Amazon ($AMZN) has been weak for quite some time now and is proving today that it still is. I would get to excited about “buying the dip” here just yet – let the dust settle. We need to build up some momentum first.

Overall, take it a bit slower now. We need to wait to see what tomorrow brings. I am no rush. Need to break one way or another. 

As always, feel free contact me via Twitter (@BenCBanks) or email me via the contact page on this Website. 

 

3-21-2013 GDX 3-21-2013 GS 3-21-2013 MA 3-21-2013 MS 3-21-2013 SPY D 3-21-2013 SPY

Wedging – Daily Analysis