By: Scott Redler
Yesterday we were looking at 1,150 on the S&P to hold and “surprisingly” it did–and fast. The Nasdaq didn’t even get to its breakout level of 2,325. THIS IS A STRONG MARKET with lots of new setups and stocks keep taking turns. Then, they rebuild a new setup.
The Rundown:
- Apple (AAPL)–was the first stock up yesterday. This leader gave you clues that the market can bounce. It’s now spent almost two weeks in a new upper level. I do see a new pattern for a momentum move–$226-227 is the area to clear to get this momentum mover back on the march.
- Amazon (AMZN)–I nibbled yesterday and will add above $131 and $133.
- Baidu (BIDU)–is all news and choppy. Looks like prices will move higher, but it’s hard to trade.
- Intel (INTC)–is still hanging tough. Looks like $23 is next after our $21-21.50 buy.
- Google (GOOG)–I would avoid it. See how the stock handles $556. It could get pressured if it stays below that area, but it’s hard to tell.
- Cisco (CSCO)–has held though above $26.50. It can continue higher.
- Research in Motion (RIMM)–still needs time. No real setup yet.
The Three Amigos–they’re no longer friends anymore.
- VMWare (VMW)–this looks like it just re-setup and could go higher above $54.
- Cree (CREE)–this continues to stair-step higher, but needs time.
- Intuitive Surgical (ISRG)–did reverse yesterday, but no setup now.
The Plastics:
- Mastercard (MA)–looks good after my last buy. It seems like we can see higher prices above $248-250.
- Visa (V)–also just had a nice pull-in since our $88.50 buy. Everyone upgraded it at $92-93, maybe they will buy it around $90.
THE CASINOS ARE ACTING AWESOMELY RIGHT NOW!
- Wynn Resorts (WYNN)–is the cream of the crop. New highs yesterday and we should see over $80 soon.
- Las Vegas Sands (LVS)–this was our Rock Star yesterday through $19.65 then through $20.20 and $20.77. It should get to $23-24 in the next few weeks. Look at the weekly, we can see $30 by year end.
- MGM (MGM)**–This is the laggard. Laggards are tough to play, but this one can catch up. I will add through $12.70-12.90 on volume for a move back to old highs at $14.
The Financials–these need some time.
- General Electric (GE) is getting setup again after a big move. This could be worth more gains above $18.10-18.40.
- Alcoa (AA)–looks ok. If it keeps holding $14 and moving up it could be worth an add avoe $14.55. Then we’ll see how it handles $14.90..
- Gold (GLD)–is not acting well. I would just keep it on the radar.
- Oil–after more time this might make new highs. It needs the dollar to relax.
- Freeport McMoran (FCX) and U.S. Steel (X)–both need more time.
