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Early Morning Rundown

Just a quick overview of what I am looking at this morning.  The SPY seems to be opening up strong with it currently trading in the 110.35 area.  The pre-market high is 110.50 with the low being 109.47.  These will be the areas that I will be watching in the first 10-15 minutes after the open.  If we break the 110.50 level the next level to watch is 111 which happens to be the top of the range and also the 200ma on the daily. 

As we watched yesterday breaking the level is not enough.  We need to get volume above this level to get some conviction that we will stay there.  It was very evident yesterdays that the buyers didn’t step in at this level.  The only thing that happened was a few stops were hit.  Wait for the level to break then see if the buyers support the price on a pullback. 

Best Buy (BBY) released earnings this morning and extremely disappointed estimates with profits being .36 cents a share against estimates of .50 cents a share.  Price dropped to a low of 35.82 with it currently trading at 38.75.  Coming into today I had BBY as a really good short but wasn’t expecting a drop of 5 points so I may wait for the stock to settle in before I get involved.  I will twitter any significant levels I notice. 

On the long side I like Las Vegas Sands(LVS) as it has remained very strong lately.  I took advantage of the move above 26.50 yesterday but just like  the market LVS couldn’t hold this level.  I will be once again watching the 26.50 level and then the 27 level.  If the market breaks 111 I can see LVS trading up to around 31-32 dollars in the next few weeks. 

Best of luck trading today.

Kyle

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