Markets off a bit, but not anything troubling. The morning low in the SPY is $139.81 (above even the upper support of $139.50-$139.60). The 8 day moving average is still far under this at $138.50ish.
Priceline (PCLN) just made new lows and hasn’t bounced.
Apple (AAPL) is off a little with morning low at $617.10. The stock needs time but I think if we get weaker, buying close to the $611-614 level would be compelling. If it holds this low, we most likely be buying above $625 for momentum soon.
Amazon (AMZN) is choppy but still above $230. Needs time before its next big move.
Baidu (BIDU) hangs in, holding above recent pivot buys.
Google (GOOG) went green first and is building a nice upper flag. It’s still holding above $635 upper level.
LinkedIn (LNKD) held the earnings gap.
Banks are mixed but continue to hang higher. Same thesis with everything else.
Green Mountain Coffee (GMCR) – I’m out now. A 15% in three days shows you that tactics work even with stocks in the macro dog house.
Disclosure: Scott Redler is long AAPL, JPM, YHOO. Short SPY. Traded but flat AMZN, SLV, GMCR
