By: Scott Redler
…but it’s now time to be a bit careful
If you entered these mark up tech stocks earlier this week, you are enjoying a nice little Santa Clause rally.
- The entry for AAPL was $196.50 to $204ish. GOOG was $596–it finally stretched to $613 yesterday. AMZN was a RedDog Reversal around $129 and now it’s pushing on $139. Etc.
- But, if you concentrated on the banks you’re left pulling your hair out–they continue to lag.
- We are in Tier 1 gold with an average price around $1,090–but it’s not very exciting yet.
- XOM continues to act horribly.
- SNDK I’ve been trying to short for two days–it’s still very strong. I WILL NOT ABANDON it today, but will WAIT for a real negative divergence to get “very short”–I’ve only been testing the waters to this point.
- I went long the casinos yesterday–MGM and LVS held support with decent patterns unfolding–not a great trade yet though.
- AIG has been a one day wonder so far.
This is all typical holiday trading–low volume, stock specific–but the money is out there. I am on CNBC TODAY 10:10 this morning, be sure to check it out.
HAPPY HOLIDAYS TO EVERYONE!