Right now there's a big difference between the Nasdaq
and the Dow
after strength in tech stocks last week. Also, commodities are trading in their own space right now. There's lots of action out there, but you must have a handle on what's going on. You could have been miserable trapped in the banks and not honoring stops, or you could have gone into the weekend with a huge grin owning some high beta tech stocks. Where were you?
is still holding its upper range but getting very choppy. Trading futures isn't where the money is right now. Every pull-in has been controlled. Micro support is 1162-1165, and more important support is 1148-1155. Micro resistance is 1177-1179, then 1085, then big resistance around 1195-1200.
(AAPL) had an explosive move Friday after Google
(GOOG) earnings. The measured move for Apple for me was 320; we're opening here this morning. Typically BIG moves into earnings don’t get rewarded after the numbers come out, so have the right strategy based on your skill set and time frame. I'll be selling my remainder of my Apple above 320 today. But the following link brings you to my previous comments on Apple: Apple Revs for the Run Past 300
(September 13, 2010).Google
was a great trade for me from 485, then a nice (and a little lucky) options play Thursday into Friday. Many in the community took the 550-560s,congrats if you were one of them. Google looks okay for higher prices. It’s back in the game.
(AMZN) triggered through 157 and then 162 for a monster trade Friday as well. It now could be choppy with earnings due later on this week. See how it reacts with Apple earnings.Baidu
(BIDU) is still consolidating for the fourth straight week, and I'm very bullish on this stock. Trigger buy is 101-102, make sure to keep a close eye on it. There are some high hopes for Baidu earnings after Google's report. Baidu earnings are due out on Thursday.Netflix
(NFLX) is very quiet right now. The trigger is if it wakes up at 155-157, but it might need earnings to get there.VMWare
(VMW) has a broken chart, and chasers have a broken heart. It's just a trade in new range both long and short. Salesforce.com
(CRM) is another cloud name acting the same as VMware
(VMW). The sector needs some time to repair, but this is one of the stronger names.
Banks have been very weak, largely due to the foreclosure crisis that threatens big losses due to repurchases.Goldman Sachs
(GS) is the strongest in the group but is still hard to trust. It's had a small three-day pull-in and is worth a look versus Friday’s low of 150.60 (for an 80-20 trade).
Bank of America
(BAC) stopped us out at 12.90ish, and looks to have heavy exposure to the foreclosure fiasco. A report from Branch Hill Capital said the stock price could be halved in a worst case scenario, so I would avoid BAC altogether right now. I would only be interested in a small buy if there was extreme capitulation.
General Electric Company
(GE) -- I caught the trade from $16.50 to $17.30 trade, that’s all I wanted for a cash flow trade. It will need a lot of time again to set up, but should ultimately get back the to $19.50 area.
(WYNN) had a big move for me through 93, and now it has an big bull flag at 103-105 that could trigger another trade to the 110 area. After such a strong run, I'll take the trade in smaller size.Las Vegas Sands
(LVS) is hard to trust up here, but as long as it continues to trade higher we won't fight the trend. As we extend higher, each trade we take we'll take quicker profits and size down.
MGM Resorts International
(MGM) blasted people as they did a surprise secondary offering around 12.65 that didn't get supported. I took home a little on close Friday, and I will load up if it can get back to 10.55 in the next day or so.
Position in BIDU, BAC.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.