Apple (AAPL) Reverses Back Through Yesterday’s Low

Markets opened soft and put in a pivot low in during the first 15 minutes. We briefly dipped below $141.35 and S&P went in the middle of the 1407-1410 zone and popped back up.

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At this point markets are still hanging around. With that said, there is still some nice action for cash flow. Metals are up three days in a row.

Banks are okay above yesterday’s lows. Casinos bounced back well.

Apple (AAPL) gave us a nice cash flow trade as it briefly went through $650.33 and came above. That is a RedDog Reversal. It’s $659 now, going as high as $660.68. If it wasn’t the end of the Summer I would hold size, but given the circumstances I will take a more cautious approach. I took the trade. Those wanting to swing it, the right strategy is to hold it and use $648.11 as your stop.

Google (GOOG) bounced back well today. Amazon (AMZN) is up. Some things are trying to hold in.

Disclosure: Scott Redler is long SLV, GLD (sold most), LNKD, BIDU (stop $119.80). Short SPY. Traded but flat AAPL.

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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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