SPY still above the 4 day support of 130.60-130.80 but feels a bit heavy. We got lucky with some off the beaten path type movement for cash flow, but the overall action is lethargic.
AAPL opened around $455 and sold down straight. I sold options around $452. They pivot low to trade against now is $445.22
GOOG- still weak and for those who keep shorting below pivots. Beware it might try and hold the $562- 200day. I will look for a trade there.
NFLX- had a push of the open then settled down- I will revisit this around 3:30 on my radio about a potential earnings option play
X was great- went positive and pushed through $29.12 pivot- went to 29.44 and now trying to stay above $29 a close above $29 would be good.
STLD and AKS showing relative strength
MCP- gave a nice trade thru $29.70-$30.20 and went to $31.10 – if it stays above $30 area it can go again.
DNDN- Great continuation from yesterday- nice add above the $14.39 area. Mentioned in morning call- nice gap in front of it
HGSI- also nice one off trade above $9.50
CROX- no action but holds in
Banks hanging tough with downgrades around
BAC is positive
GS- held that $106 area. (for now)
WYNN tried to go but didn’t have the juice
LVS acting better but hard to get big up here.
I covered BVSN AND SHLD TODAY
Keep rotating and use a tier system. It helps to get involved with a tier one to have some type of commitment then go to tier two when it triggers and then take some off in profits. Then you trail it with the original tier.
Remember Fed news starts coming at 12:30
*DISCLOSURES: Scott J, Redler is long SPY XLF OIH WMT FFIV WYNN DNDN CROX LVS X VXX. Short DIA.
