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Minyanville's T3 Morning Market Call: Can Jobless Claims Trigger Range Resolution?


Today tech stocks are a mixed bank, and banks remain strong,

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Futures are firming up this morning after better-than-expected jobless claims and we are now set for a higher open despite a mediocre round of bank earnings. We continue to build this tight upper level base, and have had enough rest to work off the entire oversold reading from the market after the fast start to the year. Traders were looking for earnings season to be a potential catalyst for a range break, but so far it has not had that effect. Perhaps this bullish news from the job front could be the caffeine the market needed.

The S&P (INDEXSP:.INX) 1460-1474 level has contained this tape for the past five trading sessions. A more micro pivot to watch on the S&P 500 ETF (NYSEARCA:SPY) is $147.25ish, which we are now set to open above. If we can hold above that level then September highs of $148.11 could potentially come into play. The micro floor to watch and trade against is $146.20.

Tech continues to be mixed.

Apple (NASDAQ:AAPL) finally showed some life yesterday and staged a bounce after two sharp sell-off days to start the week. There were two calculated intraday entries in the morning. Today the stock is opening above yesterday's high. Let's see if it can continue higher for a second day, something we haven't seen for a while. There is some micro resistance at $515, and then the gap gets filled at $520. The 21-day moving average around $522 has also acted as major resistance since it started the decline from $700.

Google (NASDAQ:GOOG) got hit a bit yesterday. The big support to trade against is $712-713.

Amazon (NASDAQ:AMZN) continues to be best in breed. The fact that is held its 8-day moving average is positive, and eBay's (NASDAQ:EBAY) strong earnings report could help.

Intel (NASDAQ:INTC) has been grinding higher and has been a nice hold within a "portfolio approach" this year. I will look to sell before earnings and trade after it.

Microsoft (NASDAQ:MSFT) is worth keeping an eye on after Facebook (NASDAQ:FB) announced the partnership with Bing and "Graph Search." The hoopla around Dell (NASDAQ:DELL) and Hewlett-Packard (NYSE:HPQ) could also entice some people into Microsoft. If MSFT can get above $27.30, maybe we could get some momentum. (NYSE:CRM) got hit yesterday after reports of some accounting issues with the company. I got stopped out of my VMware (NYSE:VMW) on that news, and those stocks may need some time to settle down now.

Facebook put in its third day of corrective action yesterday, but downside momentum is slowing after the "sell the news" event. The stock needs some time to digest after the event.

LinkedIn (NYSE:LNKD) still holds in well. Above $119.50ish and it could get it in motion.

The Russell 2000 ETF (NYSEARCA:IWM) continues to hold in well.

The Industrials ETF (NYSEARCA:XLI) also looks good, as does the Homebuilders ETF (NYSEARCA:XHB).

Banks remain strong. Goldman Sachs (NYSE:GS) had a blockbuster report yesterday and pushed to new highs while JPMorgan (NYSE:JPM) went from negative to positive after a lukewarm report. Bank of America (NYSE:BAC) came out this morning with only a decent report, seemingly not enough to ignite it. I will hold mine as long as it stays above $11.33. Citigroup (NYSE:C) fell short of forecasts and is trading off around 2.5%, but the futures don't seem too concerned about it.

Metals are still hanging around as talk about potential currency wars grows. Gold (NYSEARCA:GLD) really needs to clear $163.50-164.25 in order to get interesting, in my opinion.

The Inverse 20+ Year Bond ETF (NYSEARCA:TBT) is up today. The ETF has been tricky, I'm still long it as it held support by a thread. Let's see if it can hold its gap up today.

The Commodities Index ETF (NYSEARCA:CRB) looks interesting. Take a peak at the long and tight descending channel, it's the same type of channel I pointed out in the Transports ETF (NYSEARCA:IYT) before it ignited above $92.


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Scott Redler is long SPY, LNKD, CAT, GLD, TBT, BAC, GS, TASR, DELL, MSFT, GE, INTC, F.
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