By: Scott Redler
…now the S&P and Russell are opening at new highs. But there is still only 45 minutes worth of real trading action. Most traders are making their money by 10:30 and then spend the rest of the day giving it back. Avoid that trap! The end-of-year markups are happening and the fix seems to be in until the year ends.
The Rundown:
- SNDK hurt a bit yesterday trying to get short. Now it’s been upgraded this morning (by Think Equity) AFTER a move from $19 to $27. This tells me the move is probably VERY close to over.
- RIMM is in its earnings gap–I will look to see if I can buy it in the $65.50-66.50 zone for a negative to positive trade.
- I’m in Tier 2 gold now with an average price around $1090ish and am buying back the gold we sold at $1,210. My gut tells me that it’s still heavy and not quite ready.
- THE DOLLAR WILL HAVE HUGE RESISTANCE AROUND 79-80
- Banks remain sluggish—GS has not followed through yet, but keep your eyes on it.
Stock selection is key.
In many ways,
I’d rather be on Vacation.
