GOOG, MA, and BIDU all took a break Friday after quite the moves over the past two weeks… but RIMM on the other hand smashed through $130 as we anticipated and held the gains through the day.. I expect more of a move this week - but it may want to test $130 again.

GOOG I figured would test $585 - it’s currently sitting at $581. MA I figured would test $285, it’s currently sitting just 4 cents above. BIDU I figured would test $355 it’s currently sitting at $361, it did however test $357 Friday. I’d like to see more of a sell off / correction / shake / profit taking / get out the weak and then squeeze higher move this week over their anticipated levels such as $600, $300 and $400 respectively.

Expect a scan for Monday out shortly.

Is the market getting toppy and time for a brief consolidation period or are we just getting started?

First and foremost, no I do not want the market to top, I’d love it to keep going up up and up and never look back but unfortunately that’s not the way things work. We must face squeezes, pull backs, consolidation phases, force panic sells, force short covers, all part of what goes into the building of the charts you see below and give us technical traders something to shout about.

Do I think top for a lot of the big boards is tomorrow? Not sure.

TWO SCENARIOS.

First: Yes I do because such a strong day today should be followed by a gap the following day. This usually encourages profit taking, and if a domino effect occurs could start a sell off through the day.

Second: After such a good week I doubt any one at wall street wants to end the weekend on a down note so they may be rather optimistic heading into the weekend and we see even more squeezes tomorrow setting Monday up for the big gap and crap day. (Keep in mind this is not by any means saying its topped for good, as I said pull backs are healthy and help long run sustainability).

GOOG - as I’ve said once this consolidates its going to have a magnet towards $600, ok we are $7 dollars away .. what now? What happens when it hits $600. Are investors content? Do they move on? Exactly! Sure we’ll probably see upgrades back to the $650 to 700 range we’ll probably see a squeeze Friday or Monday over $600 but then what? ……. It’s going to need to consolidate. ($610-620 possible on a good squeeze - but will test $585-590 after any big squeeze like that IMO)

More GOOG blogs HERE HERE

MA - Again another psychological target $300 right away the first thing you think of when its breaks into the higher half of $200 (aka $250+). $310 possible on the squeeze then to retest under $300 ($285-290)

More MA blogs HERE HERE and HERE.

RIMM - The big break all along that it can’t get is $130 this one may be a bit different. It’s been consolidating each move it makes. $130 seems like the top here, once it breaks… peoples eyes will be glued to $150 and RIMM will be well on its way to becoming the next $200-300 dollar stock.

More RIMM blogs HERE HERE HERE and HERE

BIDU has been having a bit of trouble lately breaking out too much (probably because of the gains its been holding without a dip for the past month). If the markets dip this will restest $355. If it continues to consolidate the big break here is $380.

BIDU blogs HERE

Scan for Friday

Why is it that BIDU and AAPL earnings will determine the way the market will go? Tech has really been leading this bounce, had Google missed…. the market would be in the gutter.. .. again…

(To sum up what’s below - the real money is in taking advantage of the volatility of the stocks prior to and post earnings, there will be abnormally large swings back and forth with an unknown direction. Your chance of picking the right direction is about as good as the guy who thought GOOG would be up $95 dollars Friday…………….)

GOOG has brought a lot of momentum to the market the past two days not only aiding in the bounce, breaking out of a 3 month channel but more importantly giving some of the other big boards the credit they deserve with the numbers they hit (RIMM specifically, IBM and others). RIMM shattered expectations beating wall street estimates a few weeks back and based on the way it traded you’d think they straight up disappointed wall street. Yes.. it did traded within a few dollars of its recent highs but just didn’t have enough in it to break $125 on the attempts in the past two weeks. Sure enough with the help of GOOG’s juice it broke through $125 hitting a high of $126.60.

RIMM - $130 is psychological

BIDU unfortunately has been on steroids of some sort lately running into earnings. AAPL has been continually trending up but consolidating more so than BIDU. My fear that if BIDU nails their numbers there is still a good chance it trades down for a period of time as it consolidates and puts in a floor to its recent run. Similarly AAPL may follow the same scenario but may be able to support a higher price near the $180-190 range with a psychological target of $200 and upgrades to $220+

BIDU: Some traders have noticed, the volatility is already on the rise HERE, HERE and HERE

Again this is all hypothetical and there is no way to predict the street, I don’t feel like there is any good play here except to take advantage of the volatility. Long, short or even an options trade might not. Options may screw everyone and end up like RIMM for those looking to close the contract within a day or two. BIDU will probably trade a range of $50 to $60 dollars before tightening up to within $15-20 of the prior close. If they hit their numbers it may settle perfectly at the $320 range filling the gap, consolidating and moving towards $400 over the next 3-6 months. AAPL on the other hand I feel more strongly about, AAPL may hold its gains but must consolidate before a longer term move.

AAPL usually trades fairly well on earnings days (given a good report) and continues its squeeze towards foward looking events (ie: the launch of the new iphone). The main sell off usually happens the day of or day after the launch. (This should be kept in mind for a trade idea) Other ideas include: HERE and HERE.

Overall it’s possible that they nail it, mark accepts and we are off to greener pastures… I however am not convinced…. YET. and it may take another quarter to prove that things are stabilizing and clear sky’s ahead. Not to mention, the last resorts if AAPL and BIDU can’t turn it up will be MA and V on the 28th of April. (Which V on a side note has broken through resistance and people are already starting to talk about $100)

GOOG - if you are looking for a long $550 is breakout

AAPL - $162-163 may retest $170 is breakout
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BIDU - there’s only so much to say… ???????????? sums it up!

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