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Minyanville's T3 Morning Market Call: Futures Erase Afternoon Bounce as Fiscal Cliff Looms


This is not the type of action that traders want to see during the final few days of the year.

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The roller coaster continues as futures were set to open sharply lower this morning following yesterday's afternoon comeback. Lawmakers are planning another round of fiscal cliff talks, but a deal does not seem imminent. In this type of headline-driven tape, it's best to pare down risk and wait for more calculated opportunities.

Apple (NASDAQ:AAPL) flirted with major support at $501.23 yesterday, but staged a strong bounce. Use today's high and low as short-term points of reference.

LinkedIn (NASDAQ:LNKD) held up well in upper level base yesterday, and continues to show commitment to upper levels. It could be one stock to turn to when the market firms up.

Google (NASDAQ:GOOG) has been in a calculated mini-downtrend into the 21- and 100-day moving averages. When the market firms up, it could be another stock to turn to.

Amazon (NASDAQ:AMZN) was headed for a second straight sharp sell-off yesterday before the reversal. It closed back above its key support of $246.65, but will face a test again today as it opened below that level.

International Business Machines (NYSE:IBM) is in a controlled mini-downtrend and showed relative strength yesterday. If it breaks out of that mini-channel, it could see some more upside.

Baidu (NASDAQ:BIDU) couldn't follow through on Wednesday's bounce and may need more time before it breaks out of this mini-lower base.

Facebook (NASDAQ:FB) sold off hard in the morning yesterday and couldn't muster significant bounce. The stock could see more downside below yesterday's low. (NYSE:CRM) has a similar look to AMZN, breaking down out of upper level base after an impressive move. Watch yesterday's low.

Banks recovered well yesterday, but opened lower this morning. The sector could be sensitive to the fiscal cliff, so watch yesterday's lows in Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM). If you are looking to short the banks on fiscal cliff worries, I think you focus on those two stocks and not Bank of America (NYSE:BAC).
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Scott Redler is long AAPL, BAC, YHOO. Short SPY.
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