S&P’s continue to hold around the 3-day floor. There is now an upper support zone at $133.64-133.83. Under that area you have $133.00-133.40.
Tough spot in the market right here, it might be too early to add longs. But also if you add to hedges at support (the three day floor), you ruin your average cost on those prices.
Less is more until we get more clarity. Recently we’ve seen this type of action for 3-7 days after we approach a new area. There is some individual stock action, which we have seen this year even when the market has been quiet.
Apple (AAPL) and Netflix (NFLX) had nice morning moves. I sold my last AAPL today. It's my first time flat it AAPL for a long time.
VMWare (VMW) hangs pretty tough.
JC Penney (JCP) is interesting hovering below a big area. The $42.10-42.30 level is big, and this stock has a big short interest.
Keep your ears open for some type of resolution in Greece, which could provide the catalyst for a breakout.
I managed some stocks and am keeping it simple today.
*DISCLOSURES: Scott Redler is long SPY, OIH, SLB, LULU, WMT, FCX, JCP, QCOM, VMW, FIO, LNKD, P.
