Not sure why everyone keeps looking to get short. I thought I surgically got nice prices on SPY and Goldman Sachs (GS) Friday, and it’s still hard to make money. A stock like WYNN is up five days and it’s tricky adding to a short in your favor.
Anyway, the SPY held Friday’s low of $146.75 and is digesting well. The low of the day is $146.79, resistance stands at $147.50 then $148.11. If we get below the morning low, the next level is $146.40-146.50. A move to $146 would mark 50% of the move from Thursday.
Apple (AAPL) opened up and put in a pivot low of $694.65 for active guys to trade against. The high of the morning is $699.54. I don’t think it’s question of IF it trades through $700, it’s how/when.
Most stocks are hanging in well and look to resume again. It would be nice if we get some consolidation to give us new pivot entries.
Happy New Year to those that celebrate it, I will be leaving around noon.
Disclosure: Scott Redler is long AAPL, MCP. Short GS (covered around half), short SPY (covered around half)