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Minyanville's T3 Morning Market Call: Greek Aid Deal Fails to Ignite Futures


Apple has resumed its market leadership role since the market reversal last Friday.

Apple (NASDAQ:AAPL) has resumed its market leadership role since that market reversal last Friday. The stock pulled back $200 (28.5%) in less than two months but has snapped back quickly over the last week. The stock was set for another higher open this morning before pulling back slightly around 8:30 a.m. The next major resistance test for AAPL will be its 200-day around $598.

During holiday shopping season traders used to watch at brick-and-mortar retailers, but in the evolving retail world, it's two Internet retailers that are in focus: Amazon (NASDAQ:AMZN) and eBay (NASDAQ:EBAY). AMZN just completed its sixth straight up day after bouncing off its 100-day moving average, showing relative strength to the market. It closed above its 50-day yesterday; watch to see if the momentum can continue. EBAY was even stronger yesterday, rallying almost 5% to new 52-week highs.

In M&A news, ConAgra (NYSE:CAG) announced plans to buy Ralcorp (NYSE:RAH), the nation's largest private-label food manufacturer, for $90 per share in cash. The $6.8 billion deal represents a 28% premium from Ralcorp's closing price yesterday. The new entity will employ 36,000 people and have annual sales of about $18 billion. CAG is around 6% higher this morning on the news.

As we get close to the final month of the 2012, opinions about 2013 are starting to be presented by prominent market analysts. IBD founder William O'Neil thinks we are a few years away from an upside super cycle! The old-school father of technical analysis Ralph Acampora thinks macro charts look bullish as well. Then you have some hedge fund smart guys saying 2013 will look like 1937 (look out below). For me I will measure the action as it takes place. Right now it's been profitable to own stocks again since November 16. I do think you need a long term macro plan, but I will focus on the intermediate trend action. Right now I'm trying to stay with a portfolio approach using a tier system. Everyone operates on his or her own timeframe.

Here is the link to Scott Redler's Bloomberg appearance from November 20 - Redler: Bears to Make Stand at 1403 to 1408 Area and here is the link to yesterday's appearance Auth: Now is Not the Time to Stick Your Neck Out.

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Scott Redler is long AAPL, BAC, FB, SBUX, QCOM, SLV. Short SPY.
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