The market has given back small overnight gains during today’s session, but the action has been anything but quiet in the high-flying momentum arena. Treasury Secretary Timothy Geithner made the rounds on TV this morning saying the US would never lose its AAA credit rating, but it seems to have provided little comfort for the indices.
The Chinese Internet stocks continue to amaze, surging relentlessly to new highs once again. Scott Redler posted Sohu.com, Inc. (SOHU) as his Play of the Day long on the T3Live.com blog pre-market, and the stock is still up 4.3% despite pulling off highs. SINA Corporation (SINA) continues to lead the way, though, extending to dizzying heights after already breakout out yesterday, up 4.7%. Tough to chase these here, if you’re long perhaps take partial profits and look to buy dips going forward.
Indian Internet stock Rediff.com India Limited (REDF) has joined the party too, breaking out of a three-day consolidation to make new highs, up more than 16% on the day. Scott Redler also posted REDF as a Play of the Day this morning on the T3Live.com blog. REDF looks like it could have more upside left in the tank, but it never hurts to take some profits after such a big move.
MercadoLibre, Inc. (MELI) has been another popular name in the T3Live.com Virtual Trading Floor chat today, breaking out of an upper level flag and then above yesterday’s high of $89. The stock is pulling back into that breakout, and you could still look to hold some here for another extension.
The banks remain weak despite a strong quarter from Goldman Sachs Group Inc. (GS), which included a $5B buyback of shares from Warren Buffett. The report was not as glamorous once analysts starting digging into it, as Rochdale’s Dick Bove cut GS to Hold from Buy noting weak investment banking and management business. With everything else going on around the market, these banks don’t even warrant a peek at this point.
*DISCLOSURE: Scott Redler is long REDF, LVS, SOHU, HAUP, GLD, POT, BIDU, CYD, OIH, MGM, WEBM. Short SLV, SPY.
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
