S&P Makes New Closing High as Investors Look for Fed Hints

The market edged higher Monday in a very quiet, low-volume session with the S&P making a new closing high at 1,808.37. Today several Fed governors delivered speeches about current monetary policy and investors tried to glean clues about when QE tapering might begin. The messages remain mixed, though, and for now most seem to expect the FOMC to put off tapering until early 2014.

Social media stocks showed relative strength today, headlined by Twitter (TWTR) which jumped 9.32%. The company revealed plans for new more targeted ads that are expected to fetch higher prices, and investors liked the sound of the news. After Friday’s reversal, Facebook (FB) was also strong with a 1.88% gain and now looks like it could continue higher out of a recently formed bull flag pattern.

Disclosure: Scott Redler is long GRPN, FB, TSLA, BIDU, AAPL, GDX, BAC. Short SPY.

About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

Visit: T3Live

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