By: Scott Redler
Yesterday was somewhat of an exciting scenario: after a drastic down day into a sizable down open there was a ton of opportunity for a trade. Today I’m not so sure. The new point of reference is 1076, and below that 1070.
It feels like market can try and bounce a bit, but I don’t have the conviction to get too aggressive. It’s very stock specific trade right now. I do think if we do bounce, the 1088 resistance then a big one where we can “re-short” is 1096-1104.
Agricultural group was a great buy off the open and seems the new go-to group. NFLX and PCLN are very strong and defying gravity. Stronger tech had a decent bounce off yesterday’s lows (AAPL, AMZN, VMW, GOOG, SNDK) and today doesn’t look so compelling.
HPQ worth watching for a bounce vs. the 39.95 low.
