Banks, Apple (AAPL) Lead the Charge Ahead of Fed

Markets opened up strong and hovered for the first hour of the day. SPY held above recent $138.19 highs and is now starting to push a bit higher.

Lots of strong stocks and groups. The FOMC release is usual time 2:15 ET. Take some care, they do attempt to sell the news sometimes after. If we close at highs, the next real level in the S&P is 1404.

Lots of action in tech as patterns trigger around the board.

Apple (AAPL) continues it’s ride higher into historic highs.

Salesforce (CRM) and VMWare (VMW) with the cloud names are strong.

Mega cap continues to participate, Microsoft (MSFT), Intel (INTC).

International Business Machines (IBM) is still low but above $202 now.

Baidu (BIDU) with a bit more time could be a good trade to break downtrend around $140.

Casinos that were the target of the pull-back broke above recent mid-range pivots spoken about in Morning Call. Those with a bigger time frame are enjoying the move in Las Vegas Sands (LVS) and Wynn Resorts (WYNN).

Banks are impressive ahead of the stress test results.

JP Morgan (JPM) is still strongest and was buyable around the 10day yesterday. It’s at new move highs, healthy action.

Goldman Sachs (GS) triggered above the 3day inside range of $118.50 (showing relative strength today).

Bank of America (BAC) is on the radar to clear this channel. $8.20-8.35 is the next zone (slow but holding with multiple positions is okay).

LinkedIn (LKND) and Zynga (ZNGA) are still consolidating and look good. LNKD staying above $89.50 is constructive for an eventual move through $93. ZNGA holding $13.40 is good and above $14.30 at some point it can get momentum.

Coffee stocks still set up well both ways.

The longer Starbucks (SBUX) stays above $50.94 the better the flag develops for a move into new highs.

Dunkin Brands (DNKN) also consolidating well, holding above $30.80 is constructive for an eventual move through $32.

Java (JVA) on its third strong day. I would book longs there, some are shorting vs. the morning high of $14.64. I might join, but have not yet.

Disclosure: Scott Redler is long LNKD, ZNGA, AAPL, IBM, DNKN, BAC. Short SPY.

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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.

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