Social Media Friendly to Traders

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.

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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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