By: Scott Redler
I would love to be the Campaign Manager for a Mitch Daniels (Indiana) and Chris Christie(New Jersey) ticket for 2012 Presidential run! I’m just a technician, but I write a Red Dog rant, and it seems like all the issues that I’ve barked about are now all over T.V these days. Very refreshing to see someone who gets it.
Back to the markets. This head and shoulder’s pattern is getting close to igniting. The S&P 500 is opening under the recent pivot lows of 1067 and now we need to see how they handle the 1050-1055 area then the major at 1040. If we stay below 1060-1065 level for the majority of the day, I will get into my macro tier two short.
Tech stocks are showing fatigue and technical damage.
AAPL will be VERY IMPORTANT TODAY. It’s opening down 3.45. Do they bring it positive or will it really get hit. This will give us psyschological clues on what type of real damage could happen today.
THE GO TO STOCKS BELOW WILL ALL BE TESTING THEIR MUTLT-MONTH UPTRENDS. Watch to see if they hold or break.
BIDU went from looking decent to challenging it’s multi month uptrend. See how the stock handles 72-73.
SNDK also will challenge it’s multi-month uptrend in the 44-45 area.
VMW the uptrend in my eyes stands around 65-66.
NFLX this line in the sand for me is 114-116.
AMZN looks as if it’s ready to break major support. We shorted yesterday below 120 now watch the 116-117 area. If that fails we should see the old gap from last October tested around 110.
BANKS GAVE BACK MORE THAN 50% of Friday’s gains. This told me not to trust them long.
GS is opening near Friday’s low. Big support is 131-133. See if this holds or breaks.
JPM also gave back more than half. Watch 37-37.50 as support.
BP, seems like yesterday we were saying to short 29.40-29 as it broke the capitulation lows, now it looks in trouble again. Watch yesterday’s lows.
GOLD is very tricky.
As much as I love and will continue to maneuver. I don’t want to be blind to the fact that if nations need liquidity this may not have its blow-off move. You must watch recent multi-month uptrend. GLD must hold 119.50-120 for the uptrend and technical trend to remain intact.
OIH support pivot is 96-97.
Casino’s are very tricky, they went from looking good to looking weak.
