U.S. markets continue to build a floor above 1823 on the S&P 500, while numerous stocks continue to reward traders with stock picking skills. In the early going Thursday, the S&P 500 is up 0.25%, still well below last year’s high at 1849. We could be poised to take those out if Friday’s jobs data doesn’t throw a curveball.
The banks continue to act well and take turns showing relative strength.
Bank of America (BAC) is doing some work above $16.45, so that is your support pivot now. Resistance is at $16.79.
Goldman Sachs (GS) took two days off but held the 8-day at $177.26. It’s a bit sloppy but okay.
JP Morgan (JPM) also held the 8-day, and you could trade it versus that moving average going forward.
Netflix (NFLX) – I talked about looking for a tactical long reversal here and it happened quick yesterday. It does have some room back to $355 resistance.
Priceline (PCLN) has had a nice tactical move since the reversal at $1131. Now it needs to hold above $1155ish to build./>/>
Baidu (BIDU) had decent action yesterday as it broke above $180 Level early Friday for a nice trade and then drifted. Holding above that level would be good.
Chipotle (CMG) is tight and needs to clear $537 to get momentum.
Twitter (TWTR) has been getting a downgrade a day this week, leading to some downside but overall providing great two-way action. The $57.92 level is new pivot support to trade against, below this there is big support around $54.25. If that level holds, maybe it could try to bounce toward $63ish.
LinkedIn (LNKD) reversed on Tuesday back above $202, now it needs to hold $207ish in order to build on that.
Zynga (ZNGA) is trying to stay a little relevant. It needs to hold $4.10 to stay on the radar.
Some optical plays popped up yesterday if you want to take a look – JDSU, FNSR, CIEN.
3D-printing names remain active.
3-D Systems (DDD) held the 8-day and perked up. Pivot resistance is $97ish.
Stratasys (SSYS) held in well after its engulfing day on Monday. I guess you could trade it versus the $127 area.
Voxeljet (VJET) put in a nice low yesterday at $41ish. With some time it could try to get above $48ish.
ExOne (XONE) is acting better this year. A trade and 30-minute+ hold above $68 could be good for another trade.
Organovo (ONVO) also acts well and holds where it has to. It could see a move above $11.25.
Tesla (TSLA) did move quickly above $150.40 yesterday. Holding above that would be good and the next obstacle is $153.70.
Solar City (SCTY) held the GS upgrade gap and turned up nicely yesterday. Now it needs to clear and hold $67.14.
VMware (VMW) held where it had to and looks good. Staying above $92.50ish would be best.
Salesforce (CRM) broke out yesterday above $55.25, a nice tactical play from yesterday’s note. Holding that level would be good.
Metals are trying to hold their recent bounce since the start of 2014. GLD needs to hold $117ish if it wants to build. The recent peak was $120.39.
Lots of people are focused on the “first five days” of the indices being negative and what that means for the year ahead. If you paid attention to individual stock names you probably are having a better 2014. There could be a lot of this type of action for 2014.