From the Bottom to the Top

By: Scott Redler

Just Like That

It seems like yesterday we were testing 1,085 in the S&Ps.–maybe that’s why the S&P couldn’t push through highs yesterday. The tape is a bit frustrating–you need to be in the right place at the exact right time, otherwise there is no “real” action.

Sector Rundown

• Yesterday the casinos woke up–LVS, MGM–look to see if that continues.

• OIH had a nice bounce off of $110, but it is not really compelling right now.

• AAPL–if it can continue to hold the $193-195 zone I will look for some type of momentum long through $198. That would open the door for a move to new highs. AMZN–watch the $130 area for support–the Barrons article added some pressure yesterday. RIMM was a great short for us Friday around $66–now it’s time to see if we can buy it into this down open for a hold of the $62 range. BIDU is still hanging around its upper range. GOOG was at new highs, but there’s no “real” trade there.

• Gold is getting exciting–GLD is opening near the lows of this down move. I will look to get into Tier 2 long in the $106.50-107.50 area if it can get there. That’s around $1,080ish in the commodity.

• WFC is being treated kindly for its repayment news. See if it can hold up–banks continue to lag and are a frustrating trade of late. GS is holding on by a thread–it needs to hold the $163-164 area for any hope of higher prices into the new year.