Bulls Remain in Control to Start Q2

Markets started out slow and built as the morning unfolded. S&P resistance is 1413 with the high of the morning at 1413. A close above here and then the recent highs of 1419 comes into play. Support is 1402-1404.

Apple (AAPL) ignited quickly and blew through $604-606 area that should have been resistance if bears had control. First day in a long time I did not touch it.

Some more money rotated into commodities as the Inverted Head and Shoulders in Gold and Silver I started talking about last week seems to be looking a bit more valid. We are building the right shoulder with a few points of reference to add and measure the motion if upside continues.

SLV is rounding up and at a bit of resistance, the next obstacle would be to get and stay above $32.20ish then the moving average above it is $32.53, with a bigger resistance at $33.44.

GLD also has a similar macro pattern and lagged silver this morning a bit, then played catch up. To break the intermediate downtrend since 2/29 a break and close above $164.90 would be constructive, then bigger resistance is at $165.99 then $167.72.

Banks consolidating and a bit out of play, which makes sense after a big first quarter. Casinos and retail need some time. Some small guys perked up like RENN and DANG, but don’t get me too excited.

Disclosure: Scott Redler is long SPY, SLV, ZNGA, DNKN, RENN.

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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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