By: Scott Redler
This remains a stock/sector specific trade right now. The action rotates every few days! As of now, Thursday’s outside reversal is “almost” negated! If we get a 60 minute close above 1,175 and you are still short from Thursday and added Friday, without lightening up yesterday, you will have some complicated decisions to make in the next few days.
Tech continues, BUT you need to be in the right place at the right time.
- Apple (AAPL)—is awesome. If you’re holding still, congrats! We’ve had many buys/trades at key points. It’s opening up $5. If I were still long it, I’d take some off, or sell some calls, BUT I said the same thing at $232 and now it’s $237.
- Research in Motion (RIMM)—hit a bit on the Verizon news. Earnings are out on Wednesday so this could be tricky.
- Amazon (AMZN)—looks like a good setup. I will watch it closely. I do think we can get a trade if it moves through $136.60-137 that takes prices up to the $140 area.
- Cisco (CSCO)/Intel (INTC)—still churning up a bit.
- Microsoft (MSFT)—needs to wake up.
- Google (GOOG)—holds $560 for now. As long as it holds that level, we could see some type of gap fill trade back to $580ish.
Casinos took the day off yesterday.
- Las Vegas Sands (LVS)—hangs tough. I will look to see if we get “one more trade” through $22.25ish for new highs at $23.
- Wynn Resorts (WYNN)—tight range up top. A move above $78 should be good for a trade.
- MGM (MGM)—I’m starting to hate this stock. Still no action. Unless we get HUGE HUGE volume above $12.80 it’s not going anywhere all that fast.
Banks also took the day off yesterday.
- JP Morgan (JPM)—actually gave me a micro short, but not sure if it will lead to more downside.
- Goldman Sachs (GS)—still hangs tough as long at it stays above $172ish. It could go again if it triggers above $175.50-176.50.
- Bank of America (BAC)—hangs tough and with more time should go higher.
- Morgan Stanley (MS)—had some life yesterday after they were chosen to underwrite the Citi sale.
- AIG (AIG)—got some positive remarks from Timmy G. last night and I like the pattern. A trade through $35.50-35.70 on heavy volume could get this going again.
Commodities
- Oil—looks ready to make an assault on the $84 resistance area. USO looks really good for a trade above $40.40 and a daily close could ignite oil for a move to the $90-9 area. List for some Iran-Israel headlines.
- Freeport McMoran (FCX)—super strong yesterday. Looks to go higher.
- U.S. Steel (X)—also looks like it should make new highs.
It’s a tricky trade right now. Very stock specific. End of the quarter is here, so we need to watch closely for a complexion change. 1,160-1,14 is the support that needs to hold for the rally to stay intact.
