wait, who brought the bully

Bully? bulls. Bullying the bears, get it? Hah. haha. hahah…This was a light trading week for me as I took some vacation time and missed half of wednesday and all of thursday and friday but lets see if I can catch myself up here in the process of reviewing my usual charts.

$SPY now just a stone throw away from all time highs thanks to the Q&A session wednesday evening with chairman bernanke making comments about the feds easing timeline. This seems to be the same story playing out over and over again this year: relatively overbought on many metrics but still that doesn’t mean we can’t continue higher. In fact its more likely we DO continue higher in this channel or after a healthy pullback or sideways consolidation through time. On a larger ‘swing’ timeframe this action is very bullish as we bee-lined to the previous highs especially the path it took to do so. However with that said, I would expect some resistance around previous all time highs, 168.18ish even if it is just temporary. Be aware of the barrage of earnings coming this week as that could definitely create some volatility in some  names/sectors.

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$AAPL doing its thing grinding higher as the market approaches all time highs. Not exactly screaming higher but it did clear the all important 420 zone that acted as support so often for the stock on the way down.  But really this 420 – 460 zone is just littered with supply that will make the next 40 points of upside a constant battle. It’s tough to be aggressively short right here given the price action but this might be a larger topping pattern in the works, but we’ll need more time to confirm that as it could just as easily turn into a continuation pattern that we giddy up a second leg higher out of. I will continue to look for 1 to 3 point trades in both directions until I get a better read on this markets intentions.

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$GOOG continues to hang onto its leader status as it pushed to new all time highs on Friday. There’s no supply overhead so it’s real tough to make a bear case in this name. Above the 921 previous all time highs and the top end of this two day range you want to be a buyer. Technically this stock has been behaving very very well over the past few months and if you have been following the levels and breakouts there’s been some nice opportunity to make $$. Clean trading vehicle compared to alot of others.

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$NFLX Just amazing strength in this market leader over the week and especially Friday as it took out the old may highs and closed strong on heavy volume (was there news?). It’s definitely cooking to the upside here but this name just continues to resolve to the upside out of it’s bases. Scroll back the past few weeks on my blog and I have been pushing the bull case week after week. It is because this is a market leader behaving very well technically combined with enough bearish sentiment to keep this roller coaster climbing.

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$FB hallelujah we cracked $25 ! This is a name  I have been waiting for to clear this key resistance level and now that it has it definitely looks like it could get some legs. I really like seeing this tight base it put in above the breakout and above $26 sets up another 2-3 point leg higher to the upper 20s.  Bullish pattern in the works.

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$AMZN another name I was on close watch this week for a breakout to all time highs, 286 was my trigger mentioned in last weeks post and you can see we are 20 points higher on that buy point. All time highs, no upside supply, don’t fight it. We’re definitely running hot so I wouldn’t rush out to buy it, but you do want to view pullbacks as buying opportunities.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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