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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