Midday Market update: 5/27
Stocks are bouncing back from the drop yesterday post Memorial day holiday from a possible buy the dip philosophy and possible Greece solution.
We doubt this move/rally and would look to sell into rallies and take profits - NASDAQ is up from the biotech stock moves and some tech stocks. We like $DE, $BIDU and went long $TIF today. Stocks getting hammered are $WDAY, $KORS and $SHAK. We like $MO and the tobacco stocks for their dividends and would look to go long. Short gold for now.
Markets look extended still and volatility is still low. Oil is dropping. Watch SVXY and VXX.
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