Interesting day as it seems like there is always something to do if you follow the money. SPY is at $147.12 and trying to break this mini downtrend that’s been in place since Friday’s high. A close above $147.20 could set us back in upward motion.
Today Social Media was a nice surprise, a sector we have started to target more and more. There is a certain hierarchy to the social media stocks:
LinkedIn (LNKD) is best in breed and could take out $125 soon.
Facebook (FB) has been a nice hold and triggered for us through $22.05 today.
Groupon (GRPN) has been trash, but can turn into treasure if you time a quick trade in it. It can get some upside if it closes above $5.25.
Yelp! (YELP) looks like it can get going above $26.31.
Apple (AAPL) is basing above $700 and looks good to continue higher. Google (GOOG) is a rock star today. Amazon (AMZN) is also on the move. Baidu (BIDU) is waking up from lower levels.
Banks are slow and oil is a drag. Retail and Homebuilders remain strong.
This slow action is healthy after a strong breakout, allowing time for the 8/21 day moving averages to play catching up.
Disclosure: Scott Redler is long AAPL, MSFT, VMW, MCP, FB, LNKD, GRPN, YELP, XLF, AOL. Short SPY.
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!
Leave a Reply