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.