Dow 11,000/S&P 1,200?

By: Scott Redler

Yesterday, the important 1,175-1,177 support held. This was the area to keep in tact the market’s aggressive uptrend. The market absorbed the open and then some of our leaders continued the rotation which has propelled this market higher. Today we will see if the S&P can get above 1,191–on a 60 minute close–and if so, clear the way for an imminent move to 1,200 and open the door for the Dow 11,000 dance to hit T.V.

The Rundown:

Apple (AAPL)–opening near hihgs. It’s hard to trade right now. Just buy every dip I guess. The last real setup was $226-227.

Amazon (AMZN)–WAS OUR ROCK STAR yesterday. With time, it should see new highs this year.

Microsoft (MSFT)–is waking up. I bought yesterday and will add today if it holds $30.

Research in Motion (RIMM)–is an avoid still.

Google (GOOG)–the chart looks decent. $560-562 still holds. I nibbled yesterday and will add if it can get through $570 with volume.

Intel (INTC) and Cisco (CSCO)–still just holding higher.

VMWare (VMW)–still is holding the upper channel. It could make another move if it trades through $54.50-55.

Motorola (MOT)–the chart looks okay. It’s a slow snail, but above $7.55 on volume could trigger a move.

The Banks:

Goldman Sachs (GS)–was another ROCK STAR yesterday. That gave us clues that we would not trade lower despite the gap down. Our first buy price was $172 and then again at $175. Next is over $180, but I would take some off and let it setup again.

JP Morgan (JPM)–this chart has a setup:$46-46.50 would be my buy.

Morgan Stanley (MS)–playing some catch up.

Bank of America (BAC)–still churns higher from our $18.25-18.25 buy price.

General Electric (GE)–was a great trade a few weeks back above $16.60. Now it’s holding the mid $18 level and can make new highs if it gets above $18.75.

AOL (AOL)–nice two day move. This should see over $30 within a few weeks, but the nice setup has past.

Casinos were awesome yesterday.

Yesterday was the day to play them as they all made new highs. Each one has met my objectives and I am flat them coming into today.

Las Vegas Sands–took it from $19-24.

MGM (MGM)–$11.80-12.80 to over $15.

Wynn Resorts (WYNN)–$72 and then again $78, now in the mid $80s.

This type of move should MAKE YOUR YEAR!

Gold is now over $1,150. Unfortunately I only have tier one left. The GLD entry was $109.50-110 and it’s opening up at around $113.40. Nice move, but hard to enter here.