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Quiet Day After Christmas

Scott Redler
Dec 26, 2012, 11:35 AM

 

Pretty quiet day. The SPY low of the day is $142.48 with the high at $142.71. Bigger support is recent lower pivot at $141.85-$141.95

 

Banks hang around, but it’s tough to add to existing longs.

 

Gold got a bid but there is no real excitement there. The $142 level is pretty big resistance.

 

Tech is pretty mixed. GOOG and BIDU are bouncing a bit. AMZN is off the lows but not compelling. The level to hold to maintain momentum is $254ish. AAPL still can’t find any “real commitment” as it broke below the micro pivot of $518.71. It’s still below that level and needs to get back above it with some force to improve composure. The next micro support is $510.24, while major level is at $501-505.

 

FB is still in this choppy range. LNKD claws higher.

 

SSYS and DDD continue to lead as we highlighted them on the dip on 12/4-12/5. I just took a quick trade and did not hold.

 

I wouldn’t do much today.

 

 

*DISCLOSURES: Scott J. Redler is long FB, XHB, BAC, WFC, YHOO, TASR RIMM. Short SPY. Traded but flat HLF, AAPL.

 

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