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The T3 Morning Market Call: Can Extended Market Rally Continue Without Rest?

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Yahoo is up a bit as it buys Tumblr, a deal that is receiving widespread praise.

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Last week we had another week of gains as this bull market has extended outside the Bollinger Bands. The stair-step trend continues to hold higher and not wait for those looking for a pullback. This is one of the most interesting and complicated dynamics that I've seen in a while as performance anxiety runs rampant on Wall Street. As a market participant, you have a road map, but you never know how fast or what type of composure the markets will follow to get there. All you can do is measure "pivot inflection points" and then make adjustments accordingly, especially if you approach it from an intermediate-term time frame.

We've had many of these spots to measure the strength and commitment to make choices, choices to stay long or cover shorts, since the year started. These areas are below:

1474 on January 17
1530 on March 5
1576ish on April 10
1597 on May 3
1636 on May 14

Today the futures are off a 1-2 handles after extending again last Friday. Micro support for the S&P 500 ETF (NYSEARCA:SPY) stands at $166.50 and then $165.73. The 8-day moving average is at $164.66. New pivot resistance is $167.00.

Banks have been a nice focus in the past two weeks as they set up again for additional trades. At this point, I believe you could stay with them.

Goldman Sachs (NYSE:GS) triggered above $151 and is now back at 2013 highs.

JPMorgan (NYSE:JPM) triggered above $50 and had a nice five-day streak as consensus seems to be that Jamie Dimon is staying.

Morgan Stanley (NYSE:MS) made a tremendous move since the gap up on May 3, then above the targeted $24 area.

Bank of America (NYSE:BAC) gave another entry around $12.41 and still looks great.

MasterCard (NYSE:MA) led the way for the credit cards above $558 and is at historic highs.

Visa (NYSE:V) was tricky but finally extended above $180.

Transports (NYSEARCA:IYT) and the small-cap Russell 2000 ETF (NYSEARCA:IWM) led with the S&P (INDEXSP:.INX)but are a little extended now, so trim and trail.

Homebuilders (NYSEARCA:XHB) are creating another bull flag. See if you can get a trade above $32.55.

Tech remains filled with opportunities on different days.

Google (NASDAQ:GOOG) is best-in-breed and it has rested a few days after a monster run. It's doing some work above $900. For momentum to increase, I think it would need to clear $916-919.

Netflix (NASDAQ:NFLX) gave two nice additional trigger buys at $210.50 then $220. It has rested a bit now, so it can stay above $235ish then perhaps it could go again above $245-248.

Amazon (NASDAQ:AMZN) is getting interesting again as it's been in a channel since January. The big area is $270-275, perhaps it could get going above there.

Priceline (NASDAQ:PCLN) has been on fire since earnings and was upgraded today. I would not chase this upgrade.

eEbay (NASDAQ:EBAY) grinded all the way back near old highs and looks good but might need to rest first before getting above $57ish.

Apple (NASDAQ:AAPL) hasn't impressed lately. Take some trades here and there. It needs to stay above $418-420 to keep any interest at all.

Yahoo (NASDAQ:YHOO) is up a bit as it buys Tumblr, a deal that is receiving widespread praise. It continues to be a nice spot to be this year.

Mercadolibre (NASDAQ:MELI) finally triggered for some Friday above $124.

LinkedIn (NYSE:LNKD) is still trying to repair its chart. It needs to stay above $179 for the possible chance for another trade above $185ish.

Facebook (NASDAQ:FB) has lagged big time and is off most trader's radar. It needs to get above $27.50 with some force to change that.
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Scott Redler is flat.
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