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Minyanville's T3 Morning Market Call: Market Could Use Rest After Quick Snap Back to All-Time Highs


Some sectors are at highs and some have made lower highs. There aren't that many tight patterns to sink your teeth into as most are already in motion.

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S&P (INDEXSP:.INX) futures are up small and there are some small green arrows around the world after the big rally in US equity markets yesterday. After a swift four day snap back from Friday's pre-market lows, some digestion in this area would make sense. If the S&P can do some work above 1580 it would be constructive, with new pivot support at 1572-1574. Pivot resistance is now yesterday's high of 1589, then there are no more points of reference after that until we get new ones.

Some sectors are at highs and some have made lower highs. There aren't that many tight patterns to sink your teeth into as most are already in motion. I will say I like to trim on the third up day, but doesn't that mean it's a time to short.

Goldman Sachs (NYSE:GS) downgraded Microsoft (NASDAQ:MSFT) on the PC slowdown, so that can put some early pressure on mega cap tech. I'm pretty sure the Street knows that MSFT didn't rally on "growth" the last two days; it's more of a value, defensive play at this point despite being a tech stock. It could be worth a look around $29.20-29.50. At least they didn't do it on "Day 1" as that would have been a trader's nightmare if he or she was looking for follow through. (based on the Day No. 1 igniting bar.)

Intel (NASDAQ:INTC) is also lower on the downgrade and has some support at $21.50-21.70.

Apple (NASDAQ:AAPL) woke up a bit yesterday, it would be nice to see it hold $433ish and perhaps give us an additional buyable spot through $437 for cash flow.

Google (NASDAQ:GOOG) had a decent day. Some were focused on buying $783.50ish and got rewarded. The next resistance spot is $796-798.

Netflix (NASDAQ:NFLX) has a lower pivot that could provide opportunity. Above $171.40 and perhaps we get $176-178.

Amazon (NASDAQ:AMZN) is still building its pattern. The next resistance area is $267.40.

EBay (NASDAQ:EBAY) is working well and still looks good.

Yahoo (NASDAQ:YHOO) made 2013 highs yesterday as Marissa Mayer continues to crack the whip.

LinkedIn (NYSE:LNKD) is still hanging in pretty tough. Yesterday there was some opportunity above $173.58 but I'm not sure if we will see 2013 highs until potentially after earnings.

BlackBerry (NASDAQ:BBRY) is very tight. Above $15.10 on volume could be good for a trade. Below $14.50 and it is probably a short.

Banks all bounced back but none are at 2013 highs. I guess they are waiting for JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) to report earnings Friday morning.

The Dow Transports (NYSEARCA:IYT) continued its snapback, a big move from last Friday's "Red Dog Reversal." Now it needs to stay above $108 to stay constructive.

The Homebuilders ETF (NYSEARCA:XHB) also had a nice bounce back into resistance. If it can digest above $29ish perhaps it could get back in motion above $29.63.

The Russell 2000 ETF (NYSEARCA:IWM) has seen a powerful move back near the highs. Holding above $92.79 could keep it in the game for follow-through.

In the pharma space, Regeneron (NASDAQ:REGN), Onyx (NASDAQ:ONXX) and Celgene (NASDAQ:CELG) all had nice moves after we listed them here the last few days.

Metals are still stuck in downtrends. There is not much to do until Gold ETF (NYSEARCA:GLD) tries to test the $148-150 area. We'll see what happens there.

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.

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Scott Redler is long FB, BAC, AAPL, ZNGA, EBAY, S. Short SPY and short SPY 154 puts.
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