JPM, SPY, AAPL, MS
JP Morgan (JPM:NYSE) As usual, watch JPM as a read into whether Monday’s rally in the financials is legitimate. The Europe news helped today, and the 29.50ish area seems to show some support. On the more speculative side, JPM Warrants might start to come back into play.
S&P 500 ETF (SPY:NYSE) The mother ship of all ETF’s had it’s biggest gain in over a month on Columbus Day, so don’t be surprised if you see some selling come in if we see a gap up open in the AM. Remember, there is a difference from a trading rally and a confirmed bottom. We are not trying to make a directional market call on the broader markets, but the jury still seems to be out.
Apple Computer (AAPL:NASDAQ) The new iPhone 4S sales news could cause some shorts to panic a little. Keep in mind that the sentiment to buy AAPL on dips has been around for a while. The $400 level might be a place where bears have entered buy stops.
Morgan Stanley (MS:NYSE) The break of $15.09 to the upside could prove to be key for MS and could lead to a test of the $16.50 level for short term traders. Keep in mind that MS was one of the few financials that was in favor three months ago, so watch for extra volatility.
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