The 130.60 level was the low in the SPY for the morning. Right below the 3-day pivot of $130.80 area! Market dips at this point are still shallow and buyable.
When you have a slow tape, you can see relative strength. Today F5 Networks (FFIV) triggered for us. I listed it in Morning call and Off the Charts. VMWare (VMW) helped to propel it above the $122 buy area.
Some semiconductors also look good as Intel (INTC) is positive, as well as Broadcom (BRCM), KLA-Tencor (KLAC) and others.
AK Steel (AKS) is off the lows after earnings. I’m long some US Steel (X) and will try to stay with it and add above $28.55-29ish.
Sears (SHLD) is not doing much today. I’m still short some and I think in a day or so we can add below $46.18.
I shorted BVSN today. LOOK at that chart. VERY EXTENDED and controversial stock. Looks to be squeezing again but I will add beyond a feeler if we can get a 60-minute close below yesterday’s high of $33.71.
Casinos hang tough and so do the banks. So far the accelerated uptrend is still protected.
*DISCLOSURES: Scott J, Redler is long SPY, OIH, XLF, WMT, X, CROX, LULU, FFIV, VXX. Short BVSN, SHLD, DIA.
