By: Scott Redler
We have seen some nice action, with the day and a half buy-for-a-bounce strategy playing out well. I am selling more of my SPY from yesterday area around the 109.60 area and holding 1/3. The market will meet big resistance around 1096-1102, so I like to take most of my trade a bit early.
Our go-to stocks continue to act strong and work well for longs.
-BIDU and AMZN have been very strong, with NFLX and LVS making new highs.
-The agricultural group we had been touting for the last week or so obviously had a big morning open highlighted by POT.
-FCX and X are very strong today, I’m selling some from yesterday’s buy.
-HPQ is slow but is working ok. I can see 42ish in the cards.
-AAPL is playing catch-up, and I will watch to see if it can get through 252-253.
-Banks started the day weak but are starting to act a bit better.
Trading these ranges continues to work, and we will continue to operate with that mantra until a long-term trend develops. Take it easy as we head into August.
