Sellers tried to fade the open with no success. The pivot low to trade against today is 133.77 SPY. Lots of nice follow through and upside movement. $1347-1358 i the next real resistance zone besides the morning high $SPX 1342.
Banks are helping to lead the charge, but they’ve been acting well for weeks.
Goldman Sachs (GS) is trying to get through its 200 day and has reached a lot of my targets.
JP Morgan (JPM) woke up today and triggered above $38 to play catch-up.
Morgan Stanley (MS) is over $20 as predicted earlier this week.
American International Group (AIG) was a nice surprise on Wednesday as it blasted off through $25.80. It’s now $27.41. 10% in three days, not bad
TECH
Apple (AAPL) is a bit sluggish. I might add for momentum above $459-460.
Google (GOOG) congrats to those that bought around the 200day as we talked about ($565ish). It’s now in the earnings gap above $591.
Amazon.com (AMZN) is in its earnings gap, nice trade since holding the $170-173 support.
Microsoft (MSFT) is now $30+, I still think $32-35 this year.
Cisco Systems (CSCO) $20+. Congrats if you stayed with this since the $19.05 last buy pivot.
Qualcomm (QCOM) needs time after earnings but is still good (Sold my calls yesterday).
Baidu (BIDU) I missed but okay. Still needs to report earnings.
SINA needs a rest and showing some relative weakness today.
VMWare (VMW) still looks good and should be held.
Salesforce.com (CRM) after choppy action yesterday finally through $120.
Groupon (GRPN) great three day trade. I’m out into this resistance zone of $24-26.
LinkedIn (LNKD) working hard to get going. Maybe it’s worth another entry if volume takes it through $80.
Las Vegas Sands (LVS) over $51 and still looks good (sold my calls yesterday).
MGM Resorts (MGM) over $14 I would sell some.
Wynn Resorts (WYNN) not fun. Been done with it since last week when it started to get erratic.
Oil Service ETF (OIH) sluggish today, but in December mentioned this should be a long thesis for 2012, and it’s into my next resistance zone of $129-131. Take trades along the way and buy dips.
Schlumberger (SLB) looks okay but sluggish. Still working higher.
Apache (APA) over $100 looks good.
EOG Natural Resources (EOG) finally above $108.
Lululemon (LULU) still on its way to highs.
Crocs (CROX) above $20 filled the gap that was the plan.
Gold (GLD) finally a potent down day. Profits should have been take along the way regardless.
If you trade using technicals this market has been very cooperative. I said on October 8th that I believe there is 75% chance the October 4th was the low of the year. Then on December 29th on CNBC Street signs I put the 1320-1340 first quarter target out there.
It takes time to get conviction to grow as a trader and a market participant. If you read my letter or tune into T3Live.com, you are well on your way.
Door is now open for S&P up to 1347-1358, then last year’s high of 1370.
Remember, the S&P is trading under the 5 decade P/E average. If we just traded at the average we would be 1700ish S&P. Don’t fight trends.
Have a great weekend.
*DISCLOSURES: Scott Redler is long SPY, OIH, SLB, AIG, JPM, WMT, LULU, AAPL, VMW, DNDN calls. Long VXX. Short DIA.
