Time to be a little cautious..

8am EST The market may be heading higher at the open today and it may be breaking through some levels of resistance. However, I am starting to get nervous about some of the internal action. On a relatively strong day, large companies with outstanding earnings have been mediocre or weak in terms of price action. Have a look at some of the charts of (AMZN) (AAPL) (ORCL). While I think we can still go significantly higher with the market, I think it would be wise to prepare for a healthy pullback. It is beginning to feel like the buyers are running out of juice.

Here is a stock to keep an eye on. SunPower (SWPRA). The stock rose strongly in high volume yesterday and it will be helped by its friend First Solar (FSLR) today. I will be looking for the action today. I want to see it close above it's 50 day Moving Average and have solid action going into the close. The last couple of attempts to get this stock above it's 50 day MA have been beaten down by sellers. This is probably going to be the time for it to break through but I will not be convinced until I see how the stock closes. Keep an eye on this one and until next time, stay low risk..