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Minyanville's T3 Morning Market Call: Market Rally Continues...Can We Still Buy Up Here?

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Tech continues to be a mixed bag: Yahoo has been on a tear recently while Facebook is still trying to build a constructive pattern.

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S&P (INDEXSP:.INX) futures are up around five handles this morning as world markets continue to rally. Yesterday, we outlined three different scenarios to see how the S&P closed in relation to pivot highs. Scenario No. 3 played out with a break and close above those previous highs, which was the most bullish scenario. We opened above S&P 1530 and never really looked back, although late in the day we did pull slightly off highs. The breadth of the rally was impressive.

Right now we are set to open above yesterday's pivot of 1543, and the next level beyond that is 1550. After that, the only resistance you have left is all-time highs of 1576. The Dow (INDEXDJX:.DJI) powered through its all-time high yesterday.

Short term it's never a bad idea to trim some of your longs into strength. Last Monday's harsh sell-off was a reminder of what's possible in today's market structure, but overall the trend has been strong even with the recent volatility or wedge-type pattern the market has put in place since the February 20 peak.

Tech continues to be a mixed bag.

Google (NASDAQ:GOOG) powered into new highs since our recent additional pivot buy at $807ish. Now it's looking extended as it's $840-plus. I would trim some into this up open, and some traders might even look for a cute short, but that's tricky and not my game.

Yahoo (NASDAQ:YHOO) has also been on a tear recently. The last pivot was $21.45, now it's $23-plus, a good spot to trim some as it's been a nice move from the $16.60 core break out.

Amazon (NASDAQ:AMZN) is not at highs but moving well since breaking above $267. Recent highs stand at $284.

LinkedIn (NYSE:LNKD) took the day off yesterday but still looks good. Holding above $170 would be constructive.

Facebook (NASDAQ:FB) is still trying to build a constructive pattern. It needs a close above $28.30ish to get more interesting.

Apple (NASDAQ:AAPL) finally woke up yesterday. It needs to hold $427ish in order to keep some interested and be in the game to potentially take out $435 resistance.

Baidu.com (NASDAQ:BIDU) is a laggard but woke up a bit on the news of Sohu.com (NASDAQ:SOHU) maybe going private. The stock needs to get and stay above $93.21 for a trade.

EBay (NASDAQ:EBAY) is still trying to regain some leadership, but it's a bit sloppy. The stock needs to stay above $54.50.

Microsoft (NASDAQ:MSFT) broke above $28 and peaked at $28.54. There was some news about fines from EU, so it might make it tricky. Holding above $28 would likely keep me around.

Netflix (NASDAQ:NFLX) has been a bit choppier lately. The stock needs to hold above $175 to keep up recent momentum.

The iShares Dow Jones Transports ETF (NYSEARCA:IYT) is leading the market higher, which is healthy according to Dow Theory.

Retail has been acting much better, despite JC Penney's (NYSE:JCP) 10+% decline yesterday.

Metals continue to lag and trade inverse to the market for the most part. The SPDR Gold Trust ETF (NYSEARCA:GLD) broke its intermediate trend when it broke below $161ish. Now it's time to see if macro support continues to hold, which stands around $150-148. If this level doesn't hold, macro gold bulls will have to make some tough choices.



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Scott Redler is long FB, NKE, AAPL, BA, MSFT, BAC, F. Short SPY.
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