SPY went into yesterday’s gap and held like a champ. We mentioned in the morning note that $126.50-127 should be buyable, and the low was $126.71.
Banks opened lower and bounced well with JP Morgan (JPM) continuing to impress. Goldmas Sachs (GS) is lagging a bit, and I will watch it tomorrow for potential catch up play.
Freeport-McMoRan (FCX) and US Steel (X) both opened lower as well and gave a nice negative to positive trade and then held in well.
Gold (GLD) showed its strength when it couldn’t go lower as the Euro (FXE) flirted with the lows of December. Bigger resistance comes into play around $157-158.
Ford (F) was highlighted in the Morning Call and broke the wedge to the upside and has some room.
Lululemon (LULU) was upgraded and closed on the highs.
Oil Service ETF (OIH) is hanging tough and starting to act better from the Inverted Head and Shoulders Pattern. It might test the descending channel soon.
Deere (DE) and Caterpillar (CAT) is looking better.
Various Tech Views
Apple (AAPL) had a nice dip to buy in the $409-410 support and then pushed well through the $412.50 to almost fill the $415 gap.
Netflix (NFLX) was good for the active trader today. We listed it early this morning, and talked about it on our radio. It also had a great trigger at $73.58
GOOG- hangs in tough
AMZN- nothing yet
BIDU and SINA- need time still
GMCR- could be setting up for a NFLX type move soon – put on radar
MSFT- had a really nice two day move from the downtrend pivot
CSCO- chart pattern looking better as well 19-19.10 will be the next buyable zone
Lots of nice action today for the technical trader that uses T3live- Learn how to trade like a pro
If The Job’s info is market friendly we shoujld take out the Ocotber high of 1292 pretty soon
*DISCLOSURES: Scott Redler is long SPY OIH AAPL GOOG NFLX JPM GS
