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Market Still Lacking Momentum

Scott Redler
Jan 22, 2013, 11:39 AM

 

Markets are somewhat quiet today, which has been the theme after fast start to the year. The S&P 500 ETF (NYSE:SPY) doing some work above $147.30-147.60 makes sense. We didn’t have enough power to get and stay above the $148.50 pivot.

 

There is some selective, tradable action though. After four down days since the Facebook (NASDAQ:FB) “event” the stock woke up today quickly. The next resistance pivot is $31.74-32.20. LinkedIn (NASDAQ:LNKD) is trying to get and stay over $120, which would be constructive.

 

Apple (NASDAQ:AAPL) still can’t hold higher. I am not really doing anything here until tomorrow. I might do some type of call spread.

 

Google (NASDAQ:GOOG) is down pre-earnings.  Short term it technically broke down a bit last week when it lost its 8- and 21-day MA’s. I will probably wait until after the report to trade it. No real edge here.

 

Baidu (NASDAQ:BIDU) was weak off the open and never triggered above $111.50.

 

STX (NYSE:STX) and Western Digital (NYSE:WDC) have been animals to the upside.

 

IBM (NYSE:IBM) is up a little heading into earnings. This is a coin flip also, in my opinion, as the chart is still trying to repair from last quarter.

 

Research in Motion (NASDAQ:RIMM) continues to crush shorts after the CEO discussed possibility of licensing deals and selling off hardware division. I would not touch it long up here, but don’t think you should blindly short it here either.

 

The 3-D printing stocks 3-D Systems (NYSE:DDD) and Stratasys (NASDAQ:SSYS) continue to impress. They have been mentioned several times in our Off The Charts newsletter.

 

Metals are trying to hold higher. It will be interesting to see if Gold ETF (NYSE:GLD) and Silver ETF (NYSE:SLV) can get above and stay above the highs of the day.

 

The Transports ETF (NYSE:IYT) continues higher. What a move from the descending channel above $92.  I would trim into this rather than chase.

 

The Inverse Bond ETF (NYSE:TBT) still doesn’t have much power. My stop will be $64.40ish.

 

I have a short leash on a lot of my leftover positions as most have already come a long way. The 8- and 21-day MA’s continues to be my guide.  When a position of mine loses those moving averages, I tend to get out of the way and then figure out if it’s worth a look at the 50- or 100-day.

 

 

*DISCLOSURES: Scott Redler is long GLD, KORS, LNKD, GE, MSFT, DBC, CAT, DELL, TBT, F. Short SPY (I did add a bit more to protect)

 

 

Last Updated ( Tuesday, 22 January 2013 11:47 )
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