Market Sets Sights on 52-Week Highs

August 8, 2012 Scott Redler

Markets off a bit, but not anything troubling. The morning low in the SPY is $139.81 (above even the upper support of $139.50-$139.60). The 8 day moving average is still far under this at $138.50ish.

Priceline (PCLN) just made new lows and hasn’t bounced.

Apple (AAPL) is off a little with morning low at $617.10. The stock needs time but I think if we get weaker, buying close to the $611-614 level would be compelling. If it holds this low, we most likely be buying above $625 for momentum soon.

Amazon (AMZN) is choppy but still above $230. Needs time before its next big move.

Baidu (BIDU) hangs in, holding above recent pivot buys.

Google (GOOG) went green first and is building a nice upper flag. It’s still holding above $635 upper level.

LinkedIn (LNKD) held the earnings gap.

Banks are mixed but continue to hang higher. Same thesis with everything else.

Green Mountain Coffee (GMCR) – I’m out now. A 15% in three days shows you that tactics work even with stocks in the macro dog house.

Disclosure: Scott Redler is long AAPL, JPM, YHOO. Short SPY. Traded but flat AMZN, SLV, GMCR

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.

Visit: T3Live

Market Sets Sights on 52-Week Highs

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