Apple (AAPL) Best in Breed as Usual

Bears were able to “Bend” but not “Break” the markets once again.

Low of the day was SPY 140.13- then after pausing for an hour- tech lead us off the lows. Apple (AAPL) best in breed as usual.

Banks also helped a bit.

Bears keep getting punished for adding where they think the market might break.

At this point , it’s very impressive that with all the negative headlines out there, that dips are still buyable.

I guess that’s why they say “the trend is your friend”

AAPL – help to lead us off the lows. They announced September 12 is the date for Iphone 5. Let’s hope they can pre-order and book revenues/earnings on that date. Stock showed relative strength all day proving worthy of re-positioning.

GOOG – shook the tree a bit as it broke 680 and is now back above- still looks good

AMZN – also failed to hold $250- and came in a bit but is well off the lows.

Ebay – still acts okay

Bidu – is up 3% but has a lot to prove before it’s just a trade.

Banks also were strong early and held in well.

Gold and Silver show commitment. Nice trades for cash flow, but the bigger money is sitting long.

XHB at highs of the year- (TOL, LEN, KBH, nice vehicles)

RTH – still in the leadership role. (HD, UA, WMT, TGT– still good)

Not much else to say as we still have an hour left. Two way trades are working. But still seems like there is more money buying the dip vs. looking for “cute shorts”. Stick with best in breed.

Disclosure: Scott J, Redler is long AAPL Traded but flat GOOG AMZN SPY GLD

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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.

Visit: T3Live

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