Market Slump Late to Finish in Red

The market slipped for the second straight day, an aberration here in 2012, after a late-day slide. The damage was minimal though, with the S&P slipping only 0.2% and the Dow 0.35%. The Nasdaq was strongest, actually eking out a gain of 0.04%.

Apple (AAPL) also sprang a surprise by closing red on the day, down 0.6%. Some may have been tempted to pick a top in the world’s most valuable stock after a remarkable run in 2012, but AAPL has yet to budge. It made new all-time highs on the day before pulling back in the last half hour.

Also denting sentiment was mixed existing home sales data, breaking a trend of gradually improving data that had investors looking more favorably at the prospects of an economic recovery.

Sandisk (SNDK) has been featured recently on the Off the Charts newsletter and we called it out today on the Virtual Trading Floor and Twitter, and it had a nice breakout move out of its wedge pattern after being largely out of play this year so far. It’s a quality company closely tied to AAPL, so I expect its fortunes will continue to rise.

Disclosure: Scott Redler is long ZNGA, LNKD, SNDK, BIDU, TBT, CZR, MSFT, DNKN, LVS. Short QQQ, SPY.

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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