Yesterday was the day to be aggressive, the day to hop on board the leading stocks and watch as they finally got that momentum on a breakout through summer resistance. Lots of stocks made new highs yesterday, some made historic highs. Today, on the other hand, is not the day to be aggressive for short-term traders. The Fed meets at 2:15; let’s see where we are at that time. Small resistance at 1142-1144 then a big one around 1155-1160.I would use yesterday’s high as a pivot for a quick push. I would not get heavy, just take some quick trades while lightening up on some core positions. I was tier 2 coming into yesterday, pushed to tier 3 intraday and went home with tier 1. That’s how you tier in and out to be comfy based on your individual strategy.
Watch some banks today to see if they play a bit of catch up.
GS could get going through 152.50.
BAC above 13.75 should see 14 quick.
JPM pivot is 41.40.
Lots of action, watch these stocks even if you shouldn’t get aggressive off the bat. I have a feeling there are still some shorts to squeeze at some point.
Historic highs: AAPL BIDU AMZN
New highs: VMW CRM CMG WYNN
Catch up trades
MGM: I still like it and should see 11.30-11.50.
CCME I bought more yesterday and could get going. My stop is 8.10.
