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Minyanville's T3 Morning Market Call: Futures Shrug Off Italian PM Monti's Resignation


Plus, a look at tech, homebuilders, and gold.

Priceline (NASDAQ:PCLN) is choppy and closed on the lows Friday. Recent support is $650-$654.

eBay (NASDAQ:EBAY) is still holding up but not very choppy. Important upper support is $51.

Yahoo (NASDAQ:YHOO) is still acting well since the $16.60 breakout and then it held $18.50 well. Trim and trail.

Oracle (NASDAQ:ORCL) and Cisco (NASDAQ:CSCO) lately are the strongest mega cap tech names. Intel (NASDAQ:INTC) is trying to get some traction but is not so compelling.

Facebook (NASDAQ:FB) gave traders/investors a nice move from $22.50-$24.25 targeted trade up to $28.88. Now it's absorbed that move well. A move and close above $28-28.88 could open the door for additional moves back to $32ish.

LinkedIn (NYSE:LNKD) cleared $108 and looks okay for those fans of the stock.

Banks gave us a nice move last week. Bank of America (NYSE:BAC) was the focus on our Price Point Sheet and Off the Charts newsletters last week and then JPMorgan (NYSE:JPM) played some catch up on Friday. Trim and trail this group. Goldman did say US banks should be a constructive place to be for 2013.

Transports (NYSE:IYT) are in a very tight descending channel. It's been a long one-typically a channel with that length that gets resolved and turns into an interesting trade. The longer it stays above $90 the higher the probability for an upside break through $96ish, but it's slow.

The Industrials ETF (NYSE:XLI) also looks good as it's getting back to highs.

The Homebuilders ETF (NYSE:XHB) is bit lethargic now, which is confusing.

Metals are not very interesting but they did hold lower support. Important support is $162-164 for Gold (NYSE:GLD) as we move forward.

A lot of market participants I talk to are not doing much, as we could go higher but the trade isn't compelling. Will be get a Santa Claus rally or will the fiscal cliff situation present a headwind?

If we can work through the fiscal cliff issues and economic data continues to improve, there could be some great trading in early 2013.

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Scott J. Redler is long BAC, JPM, YHOO, INTC. Short SPY.
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