By: Scott Redler

So Superman (I mean the President) is swooping into NYC today to save the day and rescue us from the evil beast on Wall St. A definite place to keep your eyes on today are the banks, and to see how they respond to Obama’s rhetoric on financial regulatory reform.

As for the broader markets, the S&P is starting to put in a wedge type formation. The high was 1214, and went as low as 1183 on Monday, then making a lower high at 1210. Now, we are opening near 1195, and we will need to see if that holds. After this wedge “pattern of indecision” we typically get a bigger move, but it may not come today. 1180-1184 is the major area to watch.

TECH is still a mixed bag
AAPL gapped up yesterday and gave no intraday action. Watch the new range. 256 is the start of yesterday’s gap and 260.25 was the high, we need to see if it pushes through the highs and gets follow-through, or tries to fill some of its gap down to prior highs around 251. Watch the price action.
VMW is our stock of the year, and gave you a trade yesterday. The stock closed at new highs, but I am out of this for now.
CREE earnings report wasn’t enough as it was priced for perfection, and it will need to correct a bit.

NFLX is squeezing again as everyone wants to be short but the stock is knocking out their teeth up 3.50, let’s see if it holds.
SNDK is up $2ish around highs. Use 39.55 as a pivot.
QCOM didn’t do enough and disappointed. It’s down almost to 39 which is big support, maybe nibble long vs. that level.
AMZN reports after the close today. Some stocks proved they can continue, but this quarter needs to be explosive. I will be flat into that report.

BANKS are showing some technical damage.
They are creating lower pivot ranges. The question is, will they break those lower support areas?
GS has important support area at 155-157. If it doesn’t hold, this market can get pressure.
JPM has important support is 44.50ish.
BAC support is 17.80-18.20.
Watch if lower support areas hold.

FCX and X seem broken, so avoid them for now.
OIH looks decent as long as it holds 128-128.50.

CASINOS are all starting to wedge after our calculated moves.
LVS we traded from 19 to 24, and now it’s not sure if move is over or if we can see a new set of highs.

The mantra of the market right now is that nothing is going to come easy, everything is going to be tricky. Use your price levels and wait for resolution of this wedge pattern before getting aggressive.

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