Morning Call: Flexibility is Key in Difficult Market
Futures are up 5-7 handles and showing some upside follow through after yesterday’s strong move off the ECB comments. GDP growth figures today came in at 1.5%, better than expectation. The S&P is back in its ascending channel putting the market back in the same course its been in since the June 4th low. The trading hasn’t been easy as there have been arguments for both sides of the tape that have been valid, but true price action speaks for itself.
IBD’s William O’Neil, a very respected market participant, has changed the big markets picture composure 4 times in the last 3 months and twice this week. This shows you the smartest minds use flexibility in their approach.
We are trading above yesterday’s high in SPX of 1363. Next real resistance is 1380, then a major major level at 1395-1405.If we trade back below 1363, micro support stands at 1353-1355. Anything below that would frustrate the bulls.
Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Invest.
*DISCLOSUREs: Scott Redler is long (NYSE:LVS), (NASDAQ:LULU), and (NYSEARCA:SPY) Aug Puts and short (NYSEARCA:SPY).