By: Scott Redler
I wanted to take a moment and highlight one of the emerging themes this year: stocks make quick moves and then stop or reverse on the dime. All in all, the trade just keeps on changing. Traders must continue to find strength, capitalize quickly, and then move on. Those looking for a second move, either give back their earnings, or lose precious opportunity cost anxiously waiting.
This market is dividing stocks into the “haves” and the “have nots.” Apple (AAPL) looked damaged and week, until this morning when it took back all of its technical damage. Google (GOOG) took a beating on the initial news out of China, but as time goes on, the negative impact slowly fades. Prices are now back above the 50-day moving average in this important market stock. The banks continue to be hit or miss. Goldman Sachs (GS) provided a nice trade after retaking Friday’s lows, but as of yet, there has been no second move.
We have been and will continue to say it: this is a stock specific market. Those who make their money trading one or two vehicles are struggling right now. Traders moving around to find the quick hits are profiting. Stick with us and we will help provide a guide for navigating these choppy markets.
