Market Begins New Uptrend Attempt: NFLX, CMG, CRM, VMW, AMZN, BIDU, SINA, POT, AAPL

IBD now has us in Day 1 of new uptrend attempt. Now they wait for a follow through day that needs to come in the next 7 days to confirm it. This does make sense as we’ve said over the past two weeks the S&P’s have been trying to put in a low and leaders have been perking up and acting better. This is the reverse of what we were seeing before we put in a short term top.

Statistically, new uptrends that start in June and July aren’t as effective as August or September so keep that in mind. I will continue to use 1-3 day strategies and find the best acting stocks for my go to list.

Right place, Right time has been the mantra and it continues to reward those who follow the plan.

Netflix, Inc. (NFLX) – nice second day- I’ve talked about this way too much and it closed around 264- HISTORIC HIGHS
Chipotle Mexican Grill, Inc. (CMG) – another go to stock I’ve mentioned all week made 52 week highs yesterday

salesforce.com inc. (CRM) – stock since earnings has been great- New highs today
VMWare, Inc. (VMW) – working higher should be at new highs Soon.

Oil Service HOLDRs ETF (OIH) – nice trade the last few days as it broke above our 150-150.50 area
Halliburton Company (HAL) – almost at new highs-
Schlumberger Limited (SLB) – trying to play catch up

CF Industries Holdings, Inc. (CF) – on its way to new highs, we isolated this early this week thru 144-14%
PotashCorp./Saskatechewan (POT) – nice catch up play working higher and The Mosaic Company (MOS) is also a decent look down here.

Amazon.com, Inc. (AMZN) – continues to hold 191-192 and turned up yesterday

Baidu.com, Inc. (BIDU) and SINA Corporation (SINA) – on the radar to break their Descending channels

Apple Inc. (AAPL) – remains in this macro upper channel— next three pivots- 338 then 343 and then 350. I don’t think it’s IF— IT’S WHEN.

Silver and Gold gave us some nice trades early this week. They are holding up well and might be worth another look. Stay tuned.

Enjoy your family and the holiday this weekend. I’ll be heading out a little early today around 2pm probably.

Disclosure: Scott Redler is long SPY. BIDU, VMW, AAPL

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