By: Scott Redler
As the market moves higher, you must be that much more selective. We’ve been churning higher in the S&P and hit a high of 1,191ish. With today’s soft open, the S&P must hold 1,178-1,180 to keep this move towards 1,200 in tact.
Sector rotation continues to work. Yesterday the banks took the lead again: Wells Fargo (WFC), Bank of America (BAC) and JP Morgan (JPM) all had strong showings. The regional banks, led by Suntrust (STI) and Zion Bancorporation (ZION) contributed to the strength in financials.
The Rundown:
- Oil needs to consolidate higher.
- Gold could use a rest here.
- Casinos–I sold them all yesterday. I will give them a few days and scout them out for a new setup.
Today I will be focusing on three setups–VM Ware (VMW), AOL (AOL) and Amazon (AMZN):
VMW:
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AMZN:
