Futures are basically flat as Japan rips another 1.5% and other world markets are up or down small. The Dow is up 10 sessions in a row, the longest streak since 1996 (although the gains on this streak have been much smaller). Yesterday, the markets extended a bit after holding still for about three days. The S&P held 1545-1548 and let the 8-day play some catch up then triggered again above 1556. Yesterday’s pivot is now 1563 with 1567 as another point of reference and then 1576 is the all-time high.
The same themes continue as money rotates throughout sectors that gives traders some tactical strategies.
Tech remains mixed, very erratic but lots of activity.
Apple (NASDAQ:AAPL) is up $5.50 so far this morning. Above $435 but below $440, which is a very big level. It will be interesting to see if it can get through it with some authority. I’m not in a “rush” to buy that area but I will be watching closely. I will sell some on the open, keep the call spread and then see if volume and action warrants an add through that key level.
Google (NASDAQ:GOOG) continues to dribble lower. It’s trying to hold its 8-day but starting to go through it. $817 is the new point of reference with $810 below it.
LinkedIn (NASDAQ:LNKD) triggered for an additional trade Wednesday around $178 then gapped up yesterday to $184 and sold down. Needs some time.
Netflix (NASDAQ:NFLX) had clean move on Wednesday and gave back about half of Thursday’s gains, but still hangs around.
VMware (NYSE:VMW) had a nice two-day move into the gap and has some room.
Western Digital (NYSE:WDC) made new highs at $49.23 and kept going. STX also got some action
Yahoo! (NASDAQ:YHOO) is trying to find some footing. Holding above %22.16 would make it easier to stay with.
eBay (NASDAQ:EBAY) is still erratic. $50.62 is the new support to trade against.
Banks had more news released after the close as the Fed made determinations on capital plans.
Goldman Sachs (NYSE:GS) came in on the negative side and is down a little. Holding above $150ish would keep the chart intact.
Morgan Stanley (NYSE:MS) got a bit better grade, maybe this starts to act better. Above $23.40ish could get this back on traders’ radars.
Bank of America (NYSE:BAC) – it’s nice to see this at new highs of 2013. It’s rewarded individuals for holding it and trading it. I will trim some on the open, but will also hold it. My year-end target is $14-16+.
JP Morgan (NYSE:JPM) is building a new base above $50.
Some money went to Oil Service ETF (NYSE:OIH) yesterday. It would be nice to see some follow-through. Schlumberger (NYSE:SLB), the largest component in the ETF, broke out of a mid-level wedge and could see more upside.
Metals are still trying to hang around. Gold (NYSE:GLD) might make another attempt to reclaim the 21-day ($154.63).
Disclosure: Scott Redler is long AAPL, SLB, MGM, LULU, BAC, YHOO, FB, S, F. Long AAPL call spread. Short DIA.