Market Direction Intraday Comments For Jan 17 2013 – Up and Away

Well my market direction outlook was off base last night. Everything looks ready to pullback. The most interested thing was the candlestick charting on the members site that I do showed a big reversal in the works. Even there though I wrote how you can’t judge candlesticks simply by looking and acting on them as two days earlier the candlesticks gave a sell signal and then yesterday a buy signal. Imagine trying to trade with that.

Nonetheless this is the first error on the technical timing and yet overall I am pleased as the technical analysis of market direction kept telling me that the overall trend higher was intact and to keep my cash in the markets working away.

Market Direction and Intel Stock

Intel stock is certainly doing well having recovered over $3.20 from the recent bottom of $19.23 on Nov 21. This marks a recovery of 16.6 % or about half the amount lost so how much more upside there is is tough to call. I will be looking at Intel stock this evening on the members site.

Market Direction and Apple Stock

With two weeks left and counting it should be interesting to see if market guru DeMark’s outlook for Apple Stock to hit $600.00 in two weeks will pan out. Today despite the big jump in the markets, Apple Stock continues to trade around the $500 to $505 level. One thing that is panning out for Apple Stock is my Put Selling biweekly Apple Stock trades.

Market Direction S&P 500 5 minute Chart

All that capital being pumped into the markets certainly is working today as the mutual fund and institutional managers must be happy to see the market jump after their many days of carefully selecting shares. Below is the 5 minute market direction chart for today. The pattern of higher highs and higher lows so prevalent over the past several trading days remains in the market today. The bull is very much alive and continues to push prices higher.

Market Direction Intraday Jan 17 2013

Market Direction Intraday Jan 17 2013

Market Direction Intraday Summary Jan 17 2013

Not a lot more needs to be said today about the intraday big jump. The market direction remains bullish and the Dow has broken out of resistance. The Russell 2000 has broken out of resistance and now the S&P 500 is less than a 100 points away from the all time top of October 11 2007 when the S&P intraday hit 1576.09. With all the indexes market direction moving higher and punching through resistance it would appear the 2007 tops are going to be taken out.