The Nasdaq and S&P 500 were dragged lower by today's weakness in AAPL, but other indices and sectors continued to hum along. The Russell finished the day flat and the biotech sector put in a strong bounce.
Sure the market may be short-term extended and may even have a bigger pullback in the coming days, but we are in an exceptionally strong uptrend and it's hard to justify being bearish.
Here are some of the setups I will be watching tomorrow:
AXAS - Bullish bounce off 3 and the 50dma within a well developed bottoming formation, expecting continuation toward 3.50
CBOE (SHORT) - Almost textbook bearish flag under the key moving averages, expecting downside follow-through toward 58-60
CDXS - A thinner stock, but a decent looking Cup and Handle pattern on daily, could get interesting through 3.65-.70
CRTO - Seems like it's getting ready to bust out of a very long base
EVC - Controlled pullback to support, now needs to bounce through 7
KBAL - Well developed bottoming pattern, now needs to get through 9.50
LNKD - Next to impossible to chase here but the narrow flag suggests it could have another leg higher toward 280