The Market and Indicies
The market today already was at the brink. After President Obama spoke today discussing taxes for the wealthy and other economic items, the stock market started to sell off. All though there were a few stocks that made some great pops, most of the stocks are pushing to the down side or are still at critical levels.
The Dow dropped over -185 points to close at 12,570. The SPX, EEM, IWM, QQQ have all broken their support levels. They may go back up to retest those new levels as resistance levels to see if they can go to the upper channel, but you can not deny that today they were broken, so probability they will stay in this lower level until things rebalance.
Facebook (FB) - Stock had a nice pop today after the 800 million share lockup expired today. The stock did manage to be quite bullish today in a pitiful market, but one day does not make a trend as I always say. Lets see what the next few days show for Facebook and watch its price action and volume.
Netflix (NFLX) - is still creating this flag pattern and needs some consolidation room. It is coming up on the 200 day resistance, if it can make it through, you may see it pop higher, but I still consider it toast from earlier due to revenues and earnings.
Apple Inc (AAPL) - is also at critical points in its chart. The stock was at very high levels just not long ago. It has been on a decline recently and now creating a pendant. I'm looking at the 520 level at the moment and seeing if it will go down there. We will see in time.
MasterCard (MA) - I was watching MasterCard for a few days and it acted well for a day trade. Now its levels look a bit different and things have changed. Now a new chart setup is making me look at this stock, we will see how the setup goes after it has more time to setup. At the moment I feel it is prone to go to the downside like many other stocks are acting unless a news catalyst comes out.