S&P’s are in a very narrow range in the first 45 minutes or so of trading. The SPY micro low to trade against is the morning low of $137.84. Under that is the 50day moving average at $137.16. The morning high is $138.27, above this we will see how much of the gap we fill (if it tries).
I’m not seeing much leadership from the usual suspects. They are not falling apart, but I only see a few downside gaps filled, and then they fade or lose some energy.
Apple (AAPL) is off lows. Use the morning low as the micro pivot to trade against $625.30.
Google (GOOG) same type of strategy for this one would be the low of $625.29.
Banks are a bit heavy but off the lows.
Financial Sector SPDR ETF (XLF) is in a bit of no-man’s land. Below the 20day and but above the 50day which stands at $15.03.
JP Morgan (JPM) I nibbled a bit this morning around $43.10 since it was in my buyable area of $42.90-43.20. It looks decent for a cash flow long. I might add for a quickly above $43.53.
Casinos are mixed.
Las Vegas Sands (LVS) went positive and looks great still.
Wynn Resorts (WYNN), which I’ve been avoiding, is a bit sloppy and not great with more shareholder news.
Starbucks (SBUX) still hangs in and Dunkin Brands (DNKN) also acts well.
Gold (GLD) gapped up and is still holding. The next big resistance is the $161.19 zone.
I covered my spy hedge like planned around $138, but I’m being very selective on my longs.
Disclosure: Scott Redler is long LVS, JPM, DNKN. Traded but flat RENN, SPY.
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