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The T3 Morning Market Call: All Eyes on 'Big Ben'


Ben Bernanke takes center stage today. Will he revert to his natural dovish self, or will the conversation shift toward the tapering of QE?

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European markets slipped a bit while Japan rips to another high of the year. Japan is now up an incredible 50%+ since November. US stock futures are one to three handles as we made another record high yesterday. Fed Chairman Ben Bernanke takes center stage today; the Federal Reserve Chairman will offer testimony before the Joint Economic Committee of Congress, starting at 10 a.m. Will he revert to his natural dovish self, or will the conversation shift more towards tapering?

At this point the market continues to stair-step higher, and there is no reason to fight the trend. The bulls have passed every test at each major pivot so far in 2013. Each pivot on the S&P (INDEXSP:.INX) (1474, 1530, 1574, 1597, 1636, 1653) required the bulls and bears to make some adjustments. Recently, the market hasn't closed below a prior day's low since the May 3 jobs number, which again is hugely impressive. Let's stay the course until that tidbit changes. Currently, the S&P upper range has micro support at 1662 and the 8-day at 1653. Pivot resistance lies at 1674.

Tech continues to be mixed as opportunities present themselves each day.

Google (NASDAQ:GOOG), which has been best of breed, is trying to create another flag-type pattern. Yesterday it held its 8-day MA and you can now use $897 as a level to trade against. The longer it stays above that, the higher the probability we could get an add-on trade above $912 then $920.60.

Netflix (NASDAQ:NFLX) is also resting after a monster move this year. Recently it gave us two more trades at $210.50 and $219.50ish; now its hovering above its 8-day MA that stands at $233.42. If it can continue to digest, the next upside trade could be $241ish then $248.58.

Amazon (NASDAQ:AMZN) seems to have one of the best setups right now as it's been in a channel for almost five months. If they want to come after this, the buyable spot it needs to clear on volume is around $272-275. A close above it would be best.

Apple (NASDAQ:AAPL) was very erratic yesterday as Tim Cook did a good job handling the questions from Congress regarding taxes. Many thought this was perhaps Cook's moment where he stepped out of Steve Jobs' shadow a bit, but it won't necessarily mean anything for the stock. For this to get more interesting AAPL needs to get and stay above $445.80. Holding $430ish would be constructive in the meantime. A close below that level and shorter term guys will lose interest.

(See also: Apple: Stock Charts Show It May Be Ready for a Reaction Rally)

EBay (NASDAQ:EBAY) got rejected at resistance after a nice post-earnings bounce. Perhaps the 50-day around $54ish could be buyable.

Yahoo (NASDAQ:YHOO) has been a great 2013 vehicle and met most of our targets already. But that doesn't mean it can't go higher now. YHOO continues to hold up well, if you're in it, make sure it stays above the 8- and 21-day moving averages.

LinkedIn (NYSE:LNKD) has been more of a micro trade as it's been digesting a huge run over the last year. It's been in the penalty box, though, since last quarter's earnings. As long as it stays above $178ish, shorter term folks could stay interested, but overall it's been a bit choppy.

Facebook (NASDAQ:FB) has been very weak and I haven't really traded it since it failed after last quarter's earnings around $28ish. For those holding it longer-term, the $25 level is an important area.

Zynga (NASDAQ:ZNGA) has seen some volume spikes, but needs to clear $3.60ish and hold above to get better action.

Priceline (NASDAQ:PCLN) had a monster move then got upgraded two days back and yesterday was an ugly candle. Some might look for a continuation short below $824. Use that as a pivot. It's a tricky stock.
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Scott Redler is long JAZZ, AAPL, ZNGA, INTC, BAC. Short SPY.
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