The Dow and the S&P finished Thursday’s session in negative territory but the Nasdaq eked out again as beaten down tech stocks began to recover. Civil unrest in Libya continues to worry investors, and the markets gyrations are now very closely tied to oil. Rising oil costs are weighing on the market and there is the distinct threat of further supply disruptions in North Africa/Middle East. Continue to watch political headlines and avoid high risk in this volatile environment. The fear trade is back on the table, and it has opened up trading ranges.
Apple Inc. (AAPL) was one such stock that felt heavy early today, unable to get a meaningful bounce off its 50-day moving average. The stock touched that level for the third time in three days, and once again bounced off it. The index ETFs remains firmly above their 50-day moving averages, and active traders will likely wait for a bigger flush to start buying aggressively once again. However, this afternoon’s reversal, like yesterday, was a positive morsel for the bulls. If you are looking to buy dips in this choppy tape, take laggards off your radar and focus on strong stocks that have come under some pressure.
For more market and stock commentary, watch Scott Redler’s Daily Recap below.
*DISCLOSURE: Scott is long SPY, AAPL, JPM
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
