S&P’s matched yesterday’s low and held for now. SPY was $.02 off yesterday’s lows. Markets are working off some of their oversold condition. The 50-day moving average that was broken yesterday is now resistance. See if this continues to remain big resistance. If it breaks above $131.20-131.25 the next area is $131.75-132.
Some nice cash flow trades for the active trader—Two examples from the Price Point Sheet.
Apple Inc. (AAPL) that I sold out from yesterday was a nice short through yesterday’s low of $392.25. I took the trade below $390. Some actually flipped and went long into $388 support and then added as it went back thru that low of $392.25 for a snap back to $394-395. I would take trades on AAPL.
Baidu.com Inc. (BIDU) is the same as above, a quick short thru yesterday’s low of $159.50 for a quick move to $156.55. Then it reversed after to go positive on the day.
I won’t go through the rest of them, but there were several small 80-20 trades that I would just use for cash flow but not “inflection points”.
Dunkin’ Brands Group Inc. (DNKN) gave us a great trade yesterday on the first day of the IPO. Then today it traded through yesterday’s high for quick cash flow trade and hit $30.49. Once it broke back below it went off my list. The stock will need time to base before the next calculated trade.
Banks still holding lower pivot and are relatively strong today, but it doesn’t mean much right now. Sodastream International Limited (SODA) had a very impressive squeeze, after most got stopped out of longs yesterday.
Green Mountain Coffee Roasters, Inc. (GMCR) and Crocs Inc. (CROX) are at highs, which is interesting that you can still find performance as a stock picker.
Metals are interesting, and they reversed yesterday, and are holding 10 day. SPDR Gold Trust (GLD) has bigger support around $154-154.50. It seems right now like too many think Gold and Silver are layups, so it’s shaking the tree.
Today is a day for cash flow after we got very oversold yesterday. Conceivably, it could be a day to buy if $130.45 as the “new pivot low”, but I’m not making big bets on that given the possible risk through the weekend.
Disclosure: Long SPY, AAPL