By: Scott Redler
Market has had a very impressive move off the recent support lows at 1040-1050. We have been consolidating in a new upper range for the past few days of 1100-1116. I stated a few weeks back that I think the fix would be in to the upside as the end of the quarter is coming. I think that’s still the case. I do think we can see 1120-1150 within the next 2-3weeks, at which point we might leave the eye of this storm. We will reevaluate the landscape at that level.
Tech remains the place to be with very selective strategies. The casinos continue to act strong with LVS as the new leader. Gold at new highs, and hopefully you initiated a position based on our notes yesterday. The banks continue to lag but reform will be voted on next week.
Today we have have quadruple witching. Volume will likely be light and the action could be distorted, so take it easy. It’s a good day for a bike ride. (I will be riding over the GW Bridge by 12:30). I do have 11:30 CNBC segment first if your by a T.V.
Have a great weekend and Happy Fathers Day to those of you that celebrate.
