By: Scott Redler
If you bought the pull-in late last week as the market worked off its overbought condition, yesterday got you paid as some enthusiasm seemed to return. S&P took out 1120 with the gap and go action and 1131 is the next small resistance before a stronger area up to 1150. Today we can see a bit of digestion as yesterday’s move was pretty sizable.
TECH
AAPL still acts sluggish but is working on a huge 6 month base. Next action area is 265ish, a trade with some volume through this price point could put stock back on track for an assault on new highs.
BIDU great trade for us through 76 then again through 82. Now it’s at new highs and doesn’t have a clean set up.
VMW has been our stock of the year and continues to act perfectly with tradable buys and pull ins. It sets up well technically each time.
AMZN*** has a nice set up technically it looks almost ready to break out of its downtrend which would be around 120.40-120.50.
RIMM is worth watching, it was a nice trade for us through 55-56 and now let’s see what they say about new products. I think they need a tablet to really get going.
SNDK held 40 and now is 45, looks okay but not compelling.
BANKS have been great trades for us lately.
GS first buy was 138.50 then 149.50, now let’s see if we get one more trade through 153-154 to take us near 160.
MS has held earnings gap and looks on it’s way to 28-29. I think you can buy 27.70.
BAC as a laggard could be one more trade as it gets into it’s gap above 14.50.
JPM we bought 38 and it continues to maneuver higher.
AGS we uncovered this strength early last week and now they are extended.
POT we focused last week at 98 and it hit 108. Now I’d avoid it, maybe scalp from short side.
AGU was also a great long for us. I am flat now.
X we bought Friday around 44 and we’ve had a great two day move.
FCX was first stock up, we sent note to buy back on 7/20 around 65 and now it hit 74 yesterday.
CASINOS
LVS at new highs could be tricky.
WYNN through 94 might be a buy.
MGM stock is the laggard. It had soft earnings. I MIGHT TRY AND BUY THE DOWN OPEN.
GLD we had a nice entry around 113.20. I did exit around 115 and will see what next move is.
ENTRIES AND EXITS STILL KEY TO STAY WITH TRADES.
