The market was tricky yesterday, lots of headline news that at some point might affect U.S. equities, but to date we have only had a controlled pullback of about 5%. The SPY’s held at 118 yesterday and rallied nicely by end of day. Overall, this market seems to be range bound and chasing stocks at either end of spectrum doesn’t make sense. At this point high betas, oils and cloud stocks seem to be the best places to buy when the market catches a bid. Right now, I am in neutral mode and trying to stay in tier one across the board but waiting for clear signals to get more aggressive.
Today I am going to be taking a look at Apple Inc. (Nasdaq:AAPL) to get going. Recently the stock has been tight and a bit sloppy to trade, but I feel that it has triggered around 315 to 318 for a target to 330ish, with a stop at 310 on the a potential trade. Any smaller time frames are just too difficult to pinpoint at this time, but listen to the radio for updates on tighter triggers.
*Disclosure: Long AAPL (subject to change)
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