Technically, nothing really changed today - the overall market remains quite bullish and a pullback/consolidation would be completely normal here. As long as we remain above the former resistance levels broken last Monday, I would remain bullish. A break of those levels might make me rethink things, but as I said in this weekend's video, there is no point in anticipating a breakdown occuring - wait for the evidence.
As I take a quick look through my scans, I don't notice much damage at all to individual stocks. ISLN had a nasty break today on heavier volume (no news as well) and INFN sold off hard as well on heavier volume after some parabolic action last week. That's really all I see however. If I see more breakdowns like this over the next few days, I would get more worried, but again, let's wait until we see the evidence.
BIDU and LVS were two stocks up large today and I do expect BIDU in particular to reverse soon, much like INFN did today. It is getting parabolic (two gaps in a row is a good signal) and if it gaps up again tomorrow, I would look to perhaps short a break of tomorrow's potential gap. Since I am unable to trade intraday anymore, this won't be a trade I will be able to pay much attention to, but I am putting it out there as one to watch.
Charts from Telechart, Courtesy of Worden Brothers, Inc.
Not much else to say today - it was a slow day overall and more days like this will be constructive. There is still a lack of nice bases at this juncture because the market has run so much, and it takes time for new, safer buy points to emerge. Patience is a virtue and you need it right now. Take care and good luck Tuesday.