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Minyanville's T3 Morning Market Call: Finding the Best Trade Setups as Winter Storm Nemo Approaches


Apple has been quiet and out of play since earnings, but that might have changed in the last 30 minutes of yesterday's session.

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US stock futures are near the flat line Friday morning as the Northeast braces for Winter Storm Nemo. Relative to the slow grind higher we saw in January, this has been a volatile week for the markets. Last Friday the S&P (INDEXSP:.INX) closed on highs, and then Monday saw a gap-and-go to the downside. Tuesday saw a rally back above the 8-day moving average and back to hear highs, Wednesday we rested, and then yesterday we saw aggressive early selling before an impressive rally to pare most of the day's losses. The market feels a little fragile at these upper levels, but there remains a firm bid under the surface.

Apple (NASDAQ:AAPL) has been quiet and out of play since earnings, but that might have changed in the last 30 minutes of yesterday's session. AAPL has long been criticized for squatting on its mountain of cash, and now a high-profile name wants to force it to change its tune. News hit the wires yesterday afternoon that famed hedge fund investor David Einhorn is suing the company in regards to its "blank check" policy that would allow it to continue to nest on its cash. Einhorn, a large AAPL shareholder, wants to see the company start to return some of that cash to shareholders. AAPL rallied more than 10 points in the last half hour of trading and into its earnings gap. Today traders will be watching closely to see what the move leads to.

LinkedIn (NASDAQ:LNKD) continues its impressive life as a public company. Last night the business-centric social-networking company topped Wall Street earnings estimates once again, and is set to open at all-time highs. The stock is up more than 10% so far in the pre-market. Scott Redler of has been trading LNKD at various points over the last few weeks and is holding a call spread into the earnings report.

Again, volume could be light ahead of the big snow storm, and the market is acting erratic at upper levels. I believe that is a recipe for frustrating action for intraday traders, and many traders would be best suited by sitting on their hands.

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