If you’re here to trade through this holiday season, there have been many possible presents put under the Christmas tree. There are multiple strategies working in multiple sectors. New highs, large bounces off important moving averages, rotation from sector to sector, you name the strategy and there’s stocks and sectors out there providing opportunity. All three major indices are at new highs for the year as we close out 2010. We are currently trading in my targeted S&P area of 1240-1260 that I put out there back in September, it’s nice to see a plan come together. The world still has a ton of problems but keep your eyes on the market action, not the headlines!
Apple Inc. (AAPL) has been very quiet. I was spun around on Monday but ultimately went long again around $322. Today could be the day if it can break above $325 and get some momentum. I will watch close to see if it can go and sustain!
Amazon.com, Inc. (AMZN) has been nice to see as a go-to stock that broke above the upper range and follow through on the move. It’s not as compelling today.
Netflix, Inc. (NFLX) held above its 50-day moving average and had an aggressive move higher yesterday showing that the sniper approach still works. I think it has some room back to $190.
International Business Machines Corp (IBM) hasn’t been on our radar for a while but the current technical pattern is tight and could be worth a cash flow trade above $146 for a move to new highs.
Google Inc. (GOOG) gave a nice entry after a mid-range consolidation.
VMware, Inc. (VMW) has a tight range again. Last time I saw this was $82-83 area and now it seems like it is worth a look around $89.60. The stock had a breakout failure but has now re-grouped.
Baidu.com, Inc. (BIDU) broke down from the upper level consolidation at $105-106 but has now had a nice bounce back.
I have been looking at the banking sector recently. It has had a great bounce the past two weeks with multiple entries. While Meredith Whitney might think there is no opportunity here market timers could have done well picking the right pattern at the right time.
Goldman Sachs Group, Inc. (GS) looks good as it can test the $171 recent high area.
JPMorgan Chase & Co. (JPM) had a nice move off the $39.50 area and now also looks like it’s on the way to the high from last week.
Bank of America Corporation (BAC) had three nice entries. I‘m taking profits again above $13 an will wait for a new setup.
Las Vegas Sands Corp. (LVS) could use a small rest now. It seems like it will rest a bit by the recent resistance and then we will look for another entry.
MGM Resorts International (MGM) had a huge four-day move. There was lots of opportunity in that trade if you didn’t get worn out.
Wynn Resorts, Limited (WYNN) held $100 and looks okay. The $107 area is the important pivot.
SPDR Gold Trust ETF (GLD) looks like it has a small wedge forming after being controlled by the two false break outs. Watch to see which way it resolves.
The agriculture group is acting better.
*DISCLOSURE: Long AAPL, BAC, JPM. Short SPY.
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