Quick down move in the Euro put pressure on the markets early today.
Guys who were leaning on the GLD/Gold short got rewarded early - Next level of support is from the 12/15/11 low of 151.71.
My community caught a nice short in SLV on the fly - it was near the October lows that became a nice short entry- 27.41**
I covered most slv here below $27.10ish and will trail some as well. ( We outlined this strategy in off the charts a few times)
SPY- pulled in pretty quickly- holding $124.75-125.25 would be good for the longs to keep composure.
$SPX – 1248-1252 area could be tested.
GOOG- nice move off the open- still holding in okay- But you never want to see a new high then a close on the low- so it could be a short term take profits- but macro trade still looks good
AAPL- needs a rest- holding above $398-$402 would be nice a buyable spot
AMZN- is still weak and could break down more
BIDU and SINA still don’t act great. Some traders leaning more short here.
Banks acting okay in this downdraft- still holding a little higher a bit- but hanging by a thread here.
It would be good for GS- if today’s low sticks.
Scott J, Redler is long GOOG- and SHORT SPY XOM AND SLV
