So far it has been a very slow day in the market, which is Option Expiration usually is! The S&P needs to do some work above the 1353-1355 as this prior resistance could serve as new support. We can hit 1345-1348 and still be intact.
Apple (AAPL) is still up 3 bucks. It will be interesting to see if they pin at $500—if you are playing for that. You could short here $505.50 with a stop at the high of the day or $507.77, a $2 risk for what could be a $5 reward. Overall, the stock will have to consolidate and wedge before we get a new direction.
Intel (INTC) I bought yesterday and it triggered above $27. It looks good, but manage it.
Qualcomm (QCOM) tested $62 early and still hangs pretty well. Try and stay with it.
International Business Machines (IBM) is not in play so far today as long as it stays above $190.50. I will stay and add if volume comes in over $194-194.50.
Baidu (BIDU) is in the penalty box after a lukewarm report.
Google (GOOG) is trying to build a new level above $600 to trade vs. that area.
VMWare (VMW) has been impressive and can use a rest. Nice buy strategy a week or so back.
Amazon (AMZN) continues to hold the $170-173 level for now, but it's not compelling.
Banks were strong early but are a little bit mixed.
Goldman Sachs (GS) is acting very well after holding $111.40. The next real resistance is $117-117.50.
JP Morgan (JPM) looks good. The longer it stays above $38 the better.
The Oil Service ETF (OIH) looks almost ready to take out $43.60-43.80 area.
I will be at the T3Live booth on Monday and Tuesday at the New York Traders Expo at the Marriot Marquis in Times Square. I will also be speaking on behalf of Charles Schwab on Monday at 10:30am and then again Tuesday at 3:30 pm if you are going to be at the event.
Everyone have a great weekend.
*DISCLOSURES: Scott Redler is long SPY, OIH, JPM, IBM, INTC, QCOM, JPM, BCOV. Short QQQ.
