SPY held Friday’s low of $133.77 and has been going sideways. The morning pivot is $133.83 to trade against. If this pivot doesn’t hold, the January high is around $133.40. As usual, there has been some nice stock action while the market consolidates.
Apple (AAPL) traded through $460, and needs to stay above that for momentum.
Google (GOOG) continued through the earnings gap. There is some resistance coming up in the $604-607. If you were looking for cash flow, I would sell some if you bought $591. If you brought down your macro average cost around $565, I still think the highs of the year are not in here.
Most stocks and groups did go positive to give you a trade or a way to manage positions.
Pandora (P) triggered through $14 and looks good. Staying above that pivot is key.
LinkedIn (LNKD) is slow but holding higher.
Dendreon (DNDN) I've been holding the calls for a month, today I bought the stock when the first hour volume was good around $14.75. It continues to run, up almost 15%.
Banks could use a few days off.
Shippers gave you a day two move, with Dryships (DRYS) up 10%.
If the morning Pivot doesn’t hold- the support under that is around $133.40
*DISCLOSURES" Scott Redler is long SPY, OIH, SLB, AIG, VMW, AAPL, LULU, LNKD, P, DNDN, DRYS, WMT, DNDN calls, VXX. Short DIA.
