By: Scott Redler
Market had a move from 1010-1120, that’s 110 handles, 80 handles from the RedDog reversal point of 1040. Since, we have pulled in about 17 handles off the highs. Was that enough? Today the futures are up as Europe is at 12-week highs. The first hour will be crucial to see if they can take Futures negative and give us a trade
Down to 1098-1102 then perhaps the major support at 1087-1092. I was tier 4 SPY at a few points yesterday but only took home Tier one as 110.60 quick trade objective was met.
TECH is very mixed
AAPL gave us a quick two-day move and then sluggish action hit the stock. I am flat now. I bought 260 added 264.80 and then sold my position as it went negative yesterday. I will see what happens today.
VMW broke upper range and the stock needs to hold 75-76 to keep superior technicals.
BIDU had a small pull in. Stock needs to hold 76-78 which was our last buy point.
SNDK had a four day bounce off 40. Now it’s not compelling.
AMZN pattern is getting tight, they saved it after earnings. Now the downtrend is my new pivot action area. I do think one day we will get a nice long here. Keep on radar for big volume. Right now my price point is 118.50-119.
RIMM this laggard has been a messy stock is acting well here. Stock was up yesterday in a down tape. I do see a nice flag pattern. I am long and will add if we can get a volume move through 56-56.50 for quick gap fill to 58-59. They have a August 3rd new product day, which could be a catalyst.
NFLX was nice short for some as it broke 101-102, the next big area of support is 94-97
BANKS are holding okay
GS tight pennant forming. Can it break to upside? I am long small and will add through 149 if we get a strong volume move.
MS holding earnigns gap, but choppy, no real price points.
BAC has been a laggard, but could get back to 15 if market holds in.
CASINOS
LVS from 22.75 and then we sold yesterday around 26. Stock held tough and is in game for new highs at some point
MGM held in okay above 11.30-11.50 stock could see $12.40-$12.60.
AGS are acting okay
POT was very sloppy yesterday. It gave us a decent trade. But I didn’t realize it had earnings this morning. So I only took home small. Stops are 97.
AGU looks okay with pivot 60.50.
Gold gave me a decent trade yesterday from 113.20 to 113.70, and is still very sluggish and could take more time.
