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