We’ve now had three controlled down days and held above the 200 day, but shook the tree enough to break 1128-1132. Leaders yawned during this pullback as they continued to tack on gains. Yesterday did give a small taste of what can happen if you get too comfortable thinking that they can never tick down. This trade has turned much more stock and sector specific as we have seen many divergences amongst sectors. I’ve been very light since the Fed meeting, as it is hard to sink your teeth into anything.
Tech
AAPL continues to impress. We are now 30-40 points above my last Macro Buy price. We still seem to be on the road to 300. Yesterday afternoon was a small taste if you’re too long and can’t handle the swings as it had a 5 dollar pull in from the highs. I’d love to see a new set up to buy more.
AMZN is very similar to AAPL from the base then steam rolled right through the old 148-151 buy area. It’s about 25 points higher from the pivot buy- so here you have to light as well just in case the rug gets pulled.
BIDU is an animal- last great set up was buying thru 87-88 and now it’s over 95 (REALLY 950). They split stock and keep rocking higher.
NFLX broke out again above 150 and is now 165 in a blink. There is action here!
GOOG is not a leader but getting a bit frisky again since the last break above 485 and went to 520. If it can hold here- we probably get another momentum move thru 520
VMW is not moving like the the top tier high beta, but holds okay. Watch 85, it should hold to keep stock moving higher.
CRM controlled pull in back to 115-116, worth a look long here. This stock also is getting a bit quiet
Casinos — Tough trade here
WYNN gave us a nice move from 91 to over 95- we made money on Two Tiers selling into strength and then got stopped out yesterday at 89.
LVS made new highs then got hit hard. Nice 80-20 Red Dog top at when it came back thru 33.05. It got hit hard, and quick.
MGM continues to be a one day wonder- take trade and run, which is frustrating.
Banks- Very weak, didn’t make new highs on Monday and got hit hard during the rest of the week.
They could be worth small bounce vs. yesterday’s low but not looking for much.
Gold is almost at $1300 and I congratulate anyone who stayed long this trade with us since 2009.
