Need Help?  

1-888-998-3548 or 646-214-7240

Market Digesting Last Week's Bounce Back

Scott Redler
Mar 12, 2012, 11:06 AM

Markets digesting last week’s bounce back pretty well. Some early pressure in the banks took us off the morning highs. Today’s highs was 1373,and Friday’s high was 1374. At least we are developing a nice pivot or defined resistance.

We are still above the 10/20day moving average ($136.87 is that level for the SPY).  The low of the day was $137.17. The longer SPY holds above $136.50-136.80, the more confidence the bulls will get to stay with this move.

Apple (AAPL) pushed through $548.21 for a quick scalp long getting as high as $551.42. It pulled back a bit. Use the morning low of $547 as today’s pivot.

International Business Machines (IBM) made new high of $201.58 and looks okay. It's easy to hold, hard to trade.  Above the high of the day and maybe it gets another push.

LinkedIn (LNKD) pushed fast through $91.50 and went to $93. Holding above $89 area would be constructive.

Some of the Chinese stocks up on Yoku news pulled back a bit. I avoided them, since they are tricky

Dunkin Brands (DNKN) I pounded the table here a bit last week and it opened up today. Trade it according to your time frame. I think it’s a long term hold, but resting around here makes sense.

Banks are coming off the lows as I write this.

JP Morgan (JPM) stock held above its 10day of $40.09.

Goldman Sachs (GS) has a very tight three day range. $116.28 is new support to trade long against, and if it can get above $118.68 it could look better.

Bank of America (BAC) not much to report, it has a channel that could resolve after the bank stress tests.

Gold (GLD) went out strong Friday and opened lower today with the China news. Makes it a tough trade.

Zynga (ZNGA) acts well. I like this as a longer term hold as well. Above $14.30-$14.50 and it can get some upside momentum.

Casinos continue to be a good trading vehicle

Las Vegas Sands (LVS) stock has been trading well both long and short. Friday was a targeted short around $55.50  I think the easy day and half move is over. It needs time.

Wynn Resorts (WYNN) choppy with limited action. Needs time. Holding above $118-119 would be good here.

The Russell 2000 Index ETF (IWM) rallied back to prior resistance area. For it to be constructive, holding above $80.50-80.70 would be better for the bulls.

*DISCLOSURES: Scott Redler is long IBM, DNKN, AAPL, ZNGA, BAC. Short SPY. Traded but flat JCP, LVS.

Last Updated ( Monday, 12 March 2012 11:18 )
© 2012 T3 Live, LLC
  1. T3 LIVE, LLC is NOT a Broker Dealer. T3 LIVE, LLC engages in trader education and training. T3 LIVE, LLC offers a number of products and services, both electronically (over the internet through and in person. Through T3 TV, an online video network that is available through, T3 LIVE, LLC provides LIVE pre/post market and stock analysis. Through, T3 LIVE, LLC offers the "Virtual Trading Floor", a community through which independent traders (subscribers), as well as select T3 Trading Group, LLC Traders, observe a virtual trading floor environment (as described below) for educational purposes. T3 LIVE, LLC also offers web-based, interactive training courses on demand.
  2. Subscribers are able to see if traders are long or short and what symbols as part of best practices in regards to disclosure. Subscribers do not see trader' screens, trades or size of positions. T3 requires traders to disclose whether they are long or short and which stocks they are trading to ensure that the community is fully informed and that traders substantiate their opinions. This approach is modeled after the analyst disclosures that accompany commentary on particular stocks on CNBC or other financial news media (as per FINRA Rules 2210 and 2711).
  3. The seminars given by T3 LIVE, LLC are for educational purposes only. This information neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.
  4. This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE, LLC or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.
  5. The videos and blogs shown on T3 LIVE, LLC are for informational purposes only. The investment ideas and expressions of opinion may contain forward looking statements and should not be viewed as recommendations, personal investment advice or considered an offer to buy or sell securities. T3 LIVE, LLC statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio.
  6. T3 LIVE, LLC and T3 Trading Group, LLC are separate, but affiliated companies.
  7. T3 Trading Group, LLC is a Registered SEC Broker-Dealer and Member of the CBOE Stock Exchange (CBSX All trading conducted by contributors on Virtual Trading Floor is done through T3 Trading Group, LLC. For more information on T3 Trading Group, LLC please visit
  8. Global Trading Plus, LP (“GTP”) is the exclusive provider of T3 LIVE, LLC products in Europe, all the former Soviet Republics (dating back to 1991), and Israel. GTP is a separate company and has no common ownership with T3 LIVE, LLC, T3 Trading Group, LLC.