Markets are still hanging tough, We had a late morning pull in that put a low of the day in around $140.01 on the SPY. SPY held above recent important support of $139.80. This upper floor remains intact. The market is still having trouble finding follow through above $140.92.
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Lots of stocks are still setting up well, my two favorites are on the move again today! Both names have been listed repeatedly in Off the Charts:
Google (GOOG) is rewarding investors the re-entered around $620 after a solid earnings report. Today there was even opportunity for intraday traders who came in flat and saw the relative strength around $651-652 during the morning market weakness. The next spot is the highs of the year around $670. I think that high will be taken out and it’s just a matter of time. Weekly/monthly charts look awesome. You can book some and trail some based on time frames.
Apple (AAPL) is also on the move rewarding macro investors/swing traders. The stock gave multiple prices to enter in the past few weeks. Stock also gave guys who came in flat armed with levels from our Price Point sheet to buy $623.50-624.50. The stock is at $629 right now and looks good. Highs of the year are not in, in my opinion, but you can book some and trail some based on time frame.
Both of these stocks, amongst many others, show you that you can approach the Equities markets on any time frame as long as you have a strategy and a plan.
Disclosure: Scott Redler is long AAPL, GOOG, GS. Short SPY, FB. Traded but flat SLV, AIG