Markets have been hovering in a narrow range around the flat line all day. Banks and Homebuilders continue to the be best-in-breed sectors, but both could use a bit more rest.
Precious metals are continuing to the downside, as they’ve been very weak since the November 28 potent down move. The next point of reference is $158.51 back from the 8/22 gap up (that was a fun week for gold and silver). If you’re short, covering a bit of GLD and SLV here makes some sense.
Tech remains mixed.
Apple (AAPL) can’t seem to really get anything going. It had a nice move off of the $505.50 pivot low, but broke back below $525.50 and still feels heavy. A break and close below $520ish and I believe $501.50-505.50 could come quick.
Amazon (AMZN) and Google (GOOG) both hang in, but there is no need to be heavy in them heading into options expiration and the holidays.
This area in the market seems like an easy one to over-trade and lose money. Keep it light, I’d start celebrating the holiday’s early.
*DISCLOSURES: Scott Redler is long BAC, WFC, XHB, TASR. Short SPY. Traded but flat OIH, LVS, FB, AAPL.