Market Surges Again After Quick Rinse

The SPDR S&P 500 ETF (NYSE:SPY) was as high as $130.88 pre-market, but it was a classic case of buy the rumor after the Greek austerity deal passing became official. SPY it traded as low as $129.70 before rallying. It was a nice short the open for a trade, although I am still short some SPY. Several groups have provided the impetus for this market to hold itself together. The banks have been strong after lagging yesterday, boosted by Bank of America Corp. (NYSE:BAC) mortgage settlement related to CountryWide. Corn is limit up and the ags have continued to bounce. Oil refiners have also been strong.

Shorting the likes of Apple Inc. (NASDAQ:AAPL), and Baidu.com Inc. (NASDAQ:BIDU) AND SINA Corporation (NASDAQ:SINA) off the open worked but only if you were super quick to take the trade. I covered most but am still short BIDU. Ecommerce China DangDang Inc (NASDAQ:DANG) was a nice long catch-up play through yesterday’s high. It was up over 10% at one point and could have more upside. China New Borun Corp. (NASDAQ:BORN) is one of the beaten down Chinese stocks, but with analysts out defending the sector, I’m looking for a bounce.

Corn is limit up and the ags have continued to bounce. PotashCorp/Saskatchewan (NYSE:POT) got great follow through from yesterday’s buy strategy, although I wasn’t involved in it. Others like CF Industries Holdings, Inc. (NYSE:CF) and The Mosaic Company (NYSE:MOS) are acting strong as well. Oil Service HOLDRs ETF (NYSE:OIH) will be knocking on the door of the macro descending trend line around at $150, which should pose some resistance. I have not traded it today and would not chase it up here.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) was Marc Sperling’s Play of the Day this morning and has gotten nice follow through as it breaks a downtrend.

It looks like the window dressing will continue into quarter’s end Thursday, but for now most traders will continue to take quick trades and avoid taking too much risk.

Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. 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 Investor’s Business Daily among other publications. Scott produces much of the media and content available to subscribers and followers. T3LIVE.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time.

*DISCLOSURE: Long AXTI, JPM, DANG, BAC, BORN. Short BIDU, SPY.

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