By: Scott Redler
Last Thursday the market had a powerful day after the 1040-1050 area held for a the fourth time! The market held a third of Thursday’s gains, an important measure of strength, then we had the great negative-to-positive push to close strong into the weekend.
Today market will deal with descending trendlines across the board, which is around 1098-1103 in the S&P. A push through and hold above should open the door for a move to the 1120-1140 area for end of the quarter window dressing.
TECH had potent moves on Thursday and were very buyable on Friday.
AAPL gave us three great entries: the 80-20 on Thursday, the buy the down open Friday, and even the momentum move through 251-252. Now I am selling some at 256 and will look for another set up.
SNDK is on the front cover of Barron’s. It looks good for a buy and hold above 45 and we should see new highs here.
NFLX is the first “go-to” stock to clear highs last week at 120, now it’s hard to trade.
VMW looks ready for new highs again. Buy some around 69 and use it as a pivot.
AMZN is a laggard, but I think we can be long around 123.50-124.50 for a move back to 130.
BIDU broke the uptrend and created a bear trap. It popped right back up and looks good for scalps.
MSFT I put a strategy to buy at 25.20 on Friday and this morning we are seeing 26, and it has a bit more room.
BANKS are not great, but have some room.
GS showed a bit of strength on Friday. I entered 135 and it has some room to 140-144.
JPM looks like a nice set-up. It can se 40 by Friday. I’m a buyer around here and a close above 38.50 would be good.
PNC has a nice falling wedge, and it can be worth a look and buy around 62.
V was great entry around 73.50 now looks like a momentum buy around 77.50 for a move back to 80.
CASINOS are seeing a changing of the guard.
LVS to me is now the best one. We bought twice last week, once around 24.20 then around 25, and now it’s 26.40ish.
WYNN has a descending trendline that could be buyable around 84.10-84.60 for a push back to 90.
RIG and BP had capitulation type trades with the group on Wednesday.
BP we bought in the money calls and could be bought long intraday only.
RIG I’m selling this open I bought around 44. 48 is good enough.
OIH has room to 103-105.
GLD I am only in tier one as I’ve been tiering in and out. Watch 118-119 close as equities get a lift, gold should be interesting to watch.
Hard to buy this market today after a big move Thursday and a nice entry Friday into this gap up Monday. We should see a better set up later this week.
