Pretty flat day in the market, not much in the indices, but once again we have some great action in select stocks.
Recent IPOs are getting some action, perhaps based on the Facebook buzz. LinkedIn (LNKD), Groupon (GRPN) and Zynga (ZNGA) are providing great action for active traders.
Visa (V) is at new highs and has acted very well leading up to it. MasterCard (MA) had a big gap up and go, knocking on the doors of new highs.
Banks are still building new upper level bases, but need digestion after a nice size move into our take-profits zones.
Casinos held in after Las Vegas Sands (LVS) earnings last night. LVS initially went positive after the report yesterday, then went negative later in the night, and then rallied back to positive this morning and surged off the open. Been quite a roller coaster, but for now its not providing the power to blast out of this multi-year channel. Holding above $50 would be healthy though.
*DISCLOSURES: Scott Redler is long SPY, OIH, AAPL, LNKD, GRPN, JPM, AIG, LULU, CRM, VMW, APA, SLB, VXX. Short DIA. (Out of QCOM calls and LVS calls)
