(Article by Scott Redler)
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 (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. Yesterday we talked about the potential for the Samsung event to be a "buy the news" moment for AAPL.
Google (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 (LNKD) triggered for an additional trade Wednesday around $178 then gapped up yesterday to $184 and sold down. Needs some time.
Netflix (NFLX) had clean move on Wednesday and gave back about half of Thursday's gains, but still hangs around.
VMware (VMW) had a nice two-day move into the gap and has some room.
Western Digital (WDC) made new highs at $49.23 and kept going. STX also got some action
Yahoo! (YHOO) is trying to find some footing. Holding above %22.16 would make it easier to stay with.
eBay (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 (GS) came in on the negative side and is down a little. Holding above $150ish would keep the chart intact.
Morgan Stanley (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 (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 (JPM) is building a new base above $50.
Some money went to Oil Service ETF (OIH) yesterday. It would be nice to see some follow-through. Schlumberger (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 (GLD) might make another attempt to reclaim the 21-day ($154.63).
*DISCLOSURES: Scott Redler is long AAPL, SLB, MGM, LULU, BAC, YHOO, FB, S, F. Long AAPL call spread. Short DIA.