S&P opened up strong and really did nothing most of the day.
They stalled around 1284 above the 1277 area but below the 1292 October highs (traders definitely didn’t want to see the last 15 minute pull in)
Today you had to pick spots in order to surgically remove cash flow if you came in flat
But some that were here through the holidays had a nice cushion as we had the bullish set up after Christmas
Banks opened up and gave you the best “intraday” Entry
GS- could have been bought around 94 and JPM around $34.10 and BAC floated higher with the rest of the sector.
The Basic Material sector was also very strong- as FCX was big mover, closing the day up over 7%.
High Beta Tech extended on recent gains
GOOG- has been a great trade from the $630-$635 pivot- It’s over $665 Highest close since 12/01/07
AAPL- opened up around $410 and gave a nice additional cash flow entry into the gap above $410. It gets filled up to $415
AMZN- On a macro basis it’s been under pressure- but today it was a nice vehicle with multiple long set ups. It has room to $185-$190
BIDU- Opened up over the recent pivot of $118 and hit a quick target in a day
SINA- also built on that reversal that took place on 12/16
MSFT- had a nice day and can continue.
Some profit takers came into MCD and MA that were the big winners from 2011- Sometimes they do book profits on strong stocks from the prior year.
Gold and silver had a nice day and have a bit more room to go.
Overall- today could have been better, but could have been worse as well. It seemed a bit lethargic if you ask me.
Scott J, Redler is long SPY AAPL AMZN JPM BAC
TRADED GOOG BAC
