Market is opening up near levels we haven’t seen since last May, but it feels like no one is having fun out here! I am proud of members in the T3Live community who are adjusting to the current market conditions. They are learning how not to fight the tape, how to tier in and tier out to limit risk, and how to rotate through sectors compelling patterns during this move. Friday, the market was heading up regardless of the jobs number. At this point we continue to push towards the 1172-1178 area, and perhaps eventually 1200 by year-end (which has been our target since September 1). As we move higher, you always tier down after the meat and potatoes of the move, which in this case was around 1090-1092.
Tech
Apple Inc. (AAPL) has been our gravy train this year, as we had numerous macro buys around 215, then recently 256. The momentum buy through new highs was 278-279. Stock even did a retest of that 278-279. Seems like we will tag 300+ this week. If we hold above 294-295 today, Apple (AAPL) could be a Columbus Day present.
Baidu.com, Inc. (BIDU) is still a ‘go-to’ stock for us as it works on building another high level consolidation. Our last macro buy was around 87-88, then 93 for a momentum trade. Baidu (BIDU) has a new range of 96-105. I will look to buy Baidu (BIDU) today for a move back to highs if it can get and hold over 100.50. This could happen today or tomorrow.
Amazon.com Inc. (AMZN) was downgraded on Friday, but held its upper range. Amazon.com (AMZN) needs more time; the floor is 151-153 and resistance is 157-158.
Google Inc. (GOOG) has acted much more healthy since we put a buy on it around 485. Google (GOOG) is sitting in a new range from 533-540. I bought some October 540-550 calls. My gut tells me Google (GOOG) will react well after earnings for the first time in a while. I’m taking a small bet since I don’t trade just on “gut”.
Netflix, Inc. (NFLX) is taking a snooze as it does from time to time. Netflix (NFLX) is either telling us it could be a long rest, or we can see blast off again if it trades above 153 with some authority.
VMWare, Inc. (VMW) stopped us out around 85-86 (from our macro purchase of $40-$42). Some guys caught a bounce here Friday, and VMWare (VMW) has small room back to 80-81, which would be big resistance.
Salesforce.com, Inc. (CRM) also got our community stopped out around 116, now it has small three day pivot. Fast traders might be able to buy Salesforce.com (CRM) around 107 for a scalp back to 110, but that’s about all.
Casinos had a huge move Friday.
Las Vegas Sands Corp. (LVS) we’ve been all over this year at 19-24-27-32, and now it’s at new highs again. It was hard to trust a breakout at each level, but congrats if your held or took part in each trade. It’s tough to like the Las Vegas Sands (LVS) for a breakout here, though.
Wynn Resorts, Limited (WYNN) made quick traders small money, but we got stopped out of the rest. Could this be different? I am long Wynn Resorts (WYNN) from Friday and will add if it can get and hold above 94-95 for new highs.
MGM Resorts International (MGM) finally exploded after we had been waiting for this laggard to catch-up for what seems like forever. Some still are holding from 10.50 and some got back in it Friday. I bought around 12.50 and still holding some. Will sell some MGM Resorts (MGM) on open and trail some.
Banks
Goldman Sachs Group, Inc. (GS) has made its way back into the 153 area in a very quiet fashion. Goldman Sachs (GS) could push through and maybe give the other banks a lift.
Bank of America Corp.(BAC) and JP Morgan Chase (JPM) is lagging big time because of this foreclosure mess. Given the depth of foreclosure-gate, its hard to see Bank of America (BAC) and JP Morgan (JPM) bouncing too hard.
General Electric Company (GE) was a great trade last week through 16.50-16.60. General Electric (GE) met some targets and can use a rest.
Gold is tricky. We sold SPDR Gold Trust ETF (GLD) on Thursday and then got short above $1360 for a trade. I did cover Friday pre-market. It was a great trade with a parabolic type action, making a pull-in likely. It held Friday, and now needs to prove it can hold. I am flat GLD right now.
China MediaExpress Holdings Inc (CCME) is opening above 11, not bad considering we had it at $8.50-9.20. It was a three week hold for almost 25% plus. Trades like this one are popping up as market keeps going. Stay tuned.
