By: Marc Sperling
Yesterday the markets quickly recovered Tuesday’s losses. Apple (AAPL) hit $204.25ish and stopped going down. The stock went down so begrudgingly and popped itself back up in a few seconds. It should base out around this level and seems like a non-trade right now. The market’s important stocks cannot go down and stay down with any conviction. That has been the pattern for several months now. After yesterday’s bounce, today is the least exciting day I have seen shape up in the early-going this New Year. Simply put, there are not too many compelling setups right now.
The Rundown:
- The casinos held up very well during the sell off on Tuesday. Wynn Resorts (WYNN) perked up towards the end of the day yesterday and looks good for a trade today.
- After the gap-down yesterday, the bottom in Google (GOOG) should be in for now as prices base out ahead of earnings.
- The financials are awaiting JP Morgan’s (JPM) earnings report on Friday. The trading in these stocks could be very choppy until then.
- Similarly, technology stocks might have a slow day in anticipation of Intel’s (INTC) earnings report later today.
Take trades when you see a pattern. There is no need to force action when there are not compelling setups. Good luck to all today.
