Banks Lead Market Advance

The S&P gapped up and extended, hitting 1326 this morning. 1333 is the January high. Today’s rally has been lead by the banks, we’ve talked lately a lot about them.

Goldman Sachs (GS) almost hit my $115-116 price target.

Morgan Stanley (MS) hit almost $19.69 and still looks good.

JP Morgan (JPM) lagging a bit but okay.

Today I bought AIG for the first time in probably a year. It has a nice tight pattern. If it can get and stay above $25.80-25.90, perhaps it can get back in play for a bit. I think I’m reaching for stocks to play right now, which is never a good sign for the market.

Tech is mixed.

Amazon (AMZN) had had no real bounce. It held $170-173 for now.

Apple (AAPL) went negative and still hangs around.

Google (GOOG) is just floating around.

VMWare (VMW) looks okay.

Groupon (GRPN) gave us a nice add on play from yesterday. I’d like to see it close above $21.

Microsoft (MSFT) knocks on the $30 door, which is the level we have talked about many times.

I had to sell my Molycorp (MCP) quick as former MCP bull JPM put out a cautious note. On that note I sold my REE as well after a three day up move.

Disclosures: Scott Redler is long SPY, OIH, AAPL, VMW, JPM, LULU, WMT, AIG, GRPN, QCOM calls, DNDN calls, LVS calls, and VXX. Short DIA.

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

Be the first to comment

Leave a Reply

Your email address will not be published.


*