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Minyanville's T3 Morning Market Call: Rally Broadens on Fiscal Cliff Optimism


Take a look at the movement in Apple, Western Digital, United States Steel, and more.

The Minyanville - T3Live Morning Market Call is brought to you by is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time©. Learn more.

The market saw a spirited move higher after Monday's strong close as the market rallies on fiscal cliff optimism. All sectors closed yesterday in the green, but the oil services sector was a real standout as it closed the day up over 3%. The indices also closed the day in the green with the Nasdaq (INDEXNASDAQ:.IXIC) closing the day up 1.46%, the S&P (INDEXSP:.INX) up 1.15%, and the Dow (INDEXDJX:.DJI) up 0.87%.

Since the November 16 reversal, the S&P has been stair-stepping higher as it reclaims its key moving averages. This was a powerful two-day move in the indices and in stocks across the board. Most of the tight patterns have triggered and extended. It is hard to chase prices after a 30+ handle rally in the S&P so it would be prudent to sell some of your positions into strength and hold some as you maneuver hedges as we climb higher.

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Apple (NASDAQ:AAPL) tacked on another day of gains after Monday's 80/20 "Red Dog Reversal."

Apple closed the day up 2.90% as it continued higher after Monday's 80/20 "Red Dog Reversal" entry at $505.58. Since breaking $700, this stock has been in a downtrend with tradeable pivots along the way. The most recent pivot occurred on Monday at $505.58 and the stock was currently up over 25 points last night. The next level of resistance is $536-538 and above that the next level is $555.

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