As of 2:30 I would have to say today is very constructive if you are bullish and riding the trend. The S&P’s held above Friday’s low and above the January pivot of 1330-1333 (SPY low was $133.77). Indices tend to consolidate after we probe a new area and this time looks like the past few (building a 3-7 day floor to rally from).
Today we are holding upper levels with very nice “Specific Stock Action” as the indices absorb gains.
Apple (AAPL) pushed through $460 and is at historic highs. Nice cash flow trade through that pivot this morning. Also a great hold.
Google (GOOG) showed relative strength today and has been very frisky since entering the gap at $591. Short term it should pause. Longer term if you accumulated more around $565 you should be just fine.
Netflix (NFLX) in my morning note I mentioned to look support around $122, it hit $121.85. Then the AAPL news started hitting and it was a nice surprise for cash flow as it traded very well “intraday”. A close above $130 and shorts will have some problems on their hands.
Salesforce.com (CRM) and VMWare (VMW) still look good.
Fusion IO (FIO) was a nice surprise today and looks like it can go higher.
Pandora (P) triggered through $14 and still has room to run.
LinkedIn (LNKD) is hanging around. As long as it stays above $77-78 it seems like $85+ is in the cards.
Oil Service ETF (OIH) is showing some relative strength today. It's slow but been a nice hold.
Schlumberger (SLB), EOG Natural Resources (EOG), Pioneer Natural Resources (PXD), Occidental (OXY), Apache (APA) all look okay.
Dendreon (DNDN) I've been holding the calls for almost a month in this flag pattern. It finally triggered into the big gap above $15.21. We were all over this on our Virtual Trading Floor this morning. In the first 30 minutes we saw heavy volume, and now it’s up 17%.
The shippers got a day two and look decent for some higher prices. I picked up Dryships (DRYS) on Friday, Excel (EXM) and Genco (GNK) have also had big percentage moves.
Banks are hanging around and look like they can continue higher after some rest.
*DISCLOSURES: Scott Redler is long SPY, OIH, SLB, VMW, AAPL, WMT, LULU, FIO, AIG, JPM, LNKD, P, DNDN calls. Long VXX, Short DIA.
