The wifey and I spent the weekend in Minnesota, visiting my brother and his wifey, and was only able to do a brief review of my charts today. (It was an event filled weekend, and got back an hour ago.)
There is an interesting dichotomy forming. Leadership has clearly formed in the names of GOOG, AAPL and IBM, to name a few. (Although IBM has been a leader for a while now.) And with earnings this week, most notably with AAPL and IBM, I do not want to be in the bearish camp. I mean, IBM's trading dynamic has shifted, and if they show decent revenue growth, the stock should follow through to the upside. AAPL is at an ex-cash trailing PE of 13.8 with solid numbers coming in, and a potential $80B market for the iPhone (via China Mobile and China Telecom). Anyone want to bet against inexpensive valuation and growth prospects, good luck. (Just ask the Google shorts how they handled it.)
Earnings should be a driving factor in the market, but left on its own, the SP500 looks to want to test the 28 or 32 SMAs via the daily.
We are about to find out if anyone of our leaders wants to be the 'asshole' :)
FYI... Since the new iPhone software is going to have deep Twitter integration with an easier notification system, I set-up my blog to automatically send a shortened link of each post to twitter. This way anyone can be notified, via twitter, when a post is published. I will maintain my Tumblr blog to post real-time events that I think merit highlighting, and will look to integrate these posts into twitter as well. Basically, Twitter can become the unifying hub linking to all the posts, and easily notifying everyone 'following' when things are posted. Or at least, that is my hope. My twitter profile is @echotoall.