Apple (AAPL) Follows Through While Market Pauses

February 11, 2013 Scott Redler

Markets are around the flat line as we couldn’t sustain upper levels in the SPY (NYSE:SPY) above last week’s pivot high of $151.89. The low of the day is $151.39, and the 8day stands at $150.95.

Banks are showing some strength as JP Morgan (NYSE:JPM) is at 52-week highs. Goldman Sachs (NYSE:GS) continues to lead. Citigroup (NYSE:C) and Bank of America (NYSE:BAC) is trying to get back in motion. Wells Fargo (NYSE:WFC) is actually perking up as a laggard play.

Apple (NASDAQ:AAPL) just tagged the $483.50 pre-earnings pivot and I took the last bit of my long position off. I think it could go higher, but I’ll let it play out a bit. Good trade from last week.

Google (NASDAQ:GOOG) is trying to hold recent high area with the low of the day at $773.75.

Amazon (NASDAQ:AMZN) is still showing some cracks in its armor. I’m avoiding it.

VMware (NYSE:VMW) might be resolving to the downside rather than the upside. Bigger support is down at $76ish.

Yahoo! (NASDAQ:YHOO) continues to trend higher.

LinkedIn (NASDAQ:LNKD) needs time to develop an upper range before I get back involved. New pivot resistance lies at $154, while support is $145 then the gap.

Facebook (NASDAQ:FB) is still acting weak. I did sell mine, but the real stop area is $28. I’m just bored with it. I will re-visit as it should get on the move after more basing.

3-D Systems (NYSE:DDD) is taking some time to digest, but the 3-D printing sector remains very tradable.

I think homebuilders are in an interesting spot. This type of area has held many times. If the Homebuilders ETF (NYSE:XHB) can’t hold $28ish, it might mean we could get a bit more weakness or a slight composure change.

Casinos are not ready to go again yet.

I don’t have many A+ set ups in this area. I would love to see some more upside in the banks. Citigroup (NYSE:C) has a big level at $43.40ish.

Metals are weak. The Gold ETF (NYSE:GLD) is spending a bit of time below $160ish. Take some care as this range might get downside resolution. I’m on the sidelines.

FXY gapped down and didn’t rally much off the lows.

Disclosure: Scott J. Redler is long BAC C MSFT ZNGA MGM GE TBT. Short SPY. Traded but flat FB AAPL

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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