By: Scott Redler
Another down day after Friday’s disappointing jobs number.
S&P is now a “thread above” 1040-1050. Futures are up a little, they need to get above and hold 1056-1058 to relieve a little pressure. The next area is 1065-1070 with a major at 1075–BIG SUPPORT at 1040-1045 then 1032-1035 with a major-major at 1020.
Big cap tech showed some more weakness yesterday giving the bears more confidence.
AAPL- Was a great short the open and even for us yesterday. Today it’s up 3 early, watch this close. If they can’t break this stock below yesterday’s low, could be tough to break markets lows
VMW- Could be tough to hold this up- make sure to have stops in place.
SNDK- Never broke higher and yesterday broke back below showing recent pivot “bearish behavior”.
NFLX- Very sloppy and will give in if market breaks lows.
AMZN- *** Pattern looks bearish- some shorted into GS upgrade. I think if it breaks and holds below 121-122 and we should see 117-118 quickly.
BIDU- Approaching the long term uptrend, watch to see how it handles 66-68- it’s up 1.60 pre-market see how it handles resistance at 72-73.
Banks- Were very weak yesterday
GS- Great short on the open yesterday with more “bad news”. See if it holds up today for market composure.
JPM- Closed at new move lows yesterday and on one said a word. Bleeding.
BAC- Back to 15.
Casinos- Tried to act well with market, but once market came in, they gave in as well.
LVS- Still needs time- big support is 22 now- watch yesterday’s lows.
MGM- The laggard got hit hard- could be worth a look for a trade if it gets into the 10.50-10.70 area.
WYNN- Got hit too like everything else- watch yesterday’s low.
OIH- After a nice trading bounce is not compelling.
GOLD– Great Reversal for us Friday- and you could have bought yesterday from my sheet for a nice negative to positive move yesterday and added above Friday’s highs. Three of our best strategies. Might hover near historic highs for a day. But if Equities break 1040- we will see new highs THIS WEEK.
I have a ton of 80-20 Trades listed for today. All that means is market is oversold but we do not have to bounce. Use Yesterday’s low as a pivot- We are near HUGE SUPPORT- 1040. I’ve been saying for weeks. That NET-NET we will be lower-but still tons of trades each day. Both long and short
