So What's Next?

I am not taking vacation just because I mostly went to cash. I am still watching the charts and the news for technical and fundamental information regarding the stocks I watch. I am also paying attention to my shopping list.

I was very negative this morning thinking that the morning bounce would be sold (it was), but I was slightly surprised that the market held in there this afternoon and is finishing positive. Therefore, calling it a "year" may be a little premature (Full Disclosure: I hate sitting on the sideline. Patience, or lack thereof, is something I need to work on).

So looking at that shopping list, I identified AAPL as a "buy" at $179.00. I choose that marker because this was the approximate 61.8% Fib retracement range from its recent high. It hit $178.60 and bounced. I call that close enough. If I had more confidence in the market, it would have been a good purchase. I have sat it out so far, but will re-enter AAPL as soon as a positive trend starts again. By the way, AAPL retraced exactly to the 61.8% Fib number in November as well. It appears that there is a trend here and it is worth watching in the future (the tutes have a game plan to sell until the fib). Here is a link to the chart:

http://stockcharts.com/h-sc/ui?s=AAPL&p=D&b=5&g=0&id=p33882970236&a=114964461

I am also looking at ANSS. It bounced today at $37.25 (just off my $37.50 buy point). Again, I didn't pull the trigger, but it is nice to see that ANSS is defending its support areas.

I am also looking at BTJ. It is under my $36.00 buy point (it closed at $35.08 after hitting a low of $33.25), but it is a thinly traded stock so we should expect some slop. I don't get the sense that the stock will run away from me (the price of oil, as it goes lower, is giving it some headwind at the moment).

Finally, I last said that I walked away from GRMN because the chart was too choppy and no pattern existed. I love this stock and want to get back in when a trend becomes apparent. Today may have washed out any weak hands. It was a huge distribution day and I would need confirmation that $91.46 was a bottom (it closed at $94.35), but it may have set up a inverse head and shoulders pattern. If this fails, then it will probably re-test the low in November. Here is a link to that chart:

http://stockcharts.com/h-sc/ui?s=GRMN&p=D&b=5&g=0&id=p45513063705&a=117703496

I actually hesitate with the GRMN chart because the head and shoulders pattern is not clean and I also notice a gap that needs to be filled from November just under $90.00.

One day is not a trend and the rally from November is under pressure and the bears still own some territory, but I am not as negative as this morning. We just need some positive to pull off some upward movement.