Right now the market is very hit or miss and not easy to trust, in my opinion. I feel the same way about most stocks right now, as well.
Banks are standing out today after a few of them set up well in the last couple weeks. It appears the fact that the market bought the Citigroup (C) news sparked the rally in the sector.
Bank of America (BAC) blasted through $10 and went as high as $10.56 in the last few minutes. Now is the time to trim and trail the position based on your personal trading time frame.
JP Morgan (JPM) and Wells Fargo (WFC) have some mid-level points to watch. JPM could get momentum if it can clear and hold above $41.50ish. WFC has the same type of pattern, and the key level there is $33.25-33.35.
Apple (AAPL) got hit very hard for numerous reasons today. The Wall Street Journal contacted us to comment on the AAPL sell-off, and you can get our view on it there. I came in long AAPL and got stopped out around $563. Obviously it was not a good trade, but it could have also been much worse.
Apple’s Halo Cracked
Wall Street Journal
“The correction was faster and deeper than most traders expected,” Scott Redler, chief strategic officer at T3Live.com, said in an email to MarketBeat.
Amazon (AMZN) is still acting well and continues to be a market leader.
Google (GOOG) is holding okay. As long as it stays above the $680 area, I feel the long trade might be intact.
Disclosure: Scott Redler is long BAC, JPM, YHOO. Short SPY. Traded but flat INTC, DDD, AAPL