I said yesterday that these next few days are pivotal. I can’t see very many individual equities that I would like to be either long or short. AAPL got back to the 177 178 area discussed over the last few weeks. I am favoring this area now as resistance. The other important area discussed was the 102 for AMD. It bounced to 109. If it tests the lower level again, I think it’s a red flag for the entire market. Nividia (NVDA) earnings are the highlight Wednesday.
Citi Bank was one I mentioned last week, looking to sell on bounce. Add in JM Morgan as the whole sector looks shaky. The “wisdom” that higher rates help the banks isn’t playing out on the tape.
Overall things are still im patience mode.