Bears were able to “Bend” but not “Break” the markets once again.
Low of the day was SPY 140.13- then after pausing for an hour- tech lead us off the lows. Apple (AAPL) best in breed as usual.
Banks also helped a bit.
Bears keep getting punished for adding where they think the market might break.
At this point , it’s very impressive that with all the negative headlines out there, that dips are still buyable.
I guess that’s why they say “the trend is your friend”
AAPL – help to lead us off the lows. They announced September 12 is the date for Iphone 5. Let’s hope they can pre-order and book revenues/earnings on that date. Stock showed relative strength all day proving worthy of re-positioning.
GOOG – shook the tree a bit as it broke 680 and is now back above- still looks good
AMZN – also failed to hold $250- and came in a bit but is well off the lows.
Ebay – still acts okay
Bidu – is up 3% but has a lot to prove before it’s just a trade.
Banks also were strong early and held in well.
Gold and Silver show commitment. Nice trades for cash flow, but the bigger money is sitting long.
XHB at highs of the year- (TOL, LEN, KBH, nice vehicles)
RTH – still in the leadership role. (HD, UA, WMT, TGT– still good)
Not much else to say as we still have an hour left. Two way trades are working. But still seems like there is more money buying the dip vs. looking for “cute shorts”. Stick with best in breed.
Disclosure: Scott J, Redler is long AAPL Traded but flat GOOG AMZN SPY GLD