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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.


Trades in Motion

Amazon (NASDAQ:AMZN) broke out above the trigger buy price of $255-256. AMZN closed yesterday up 2.58% after stalling at the prior all-time high of $264.11. Overall this stock is strong and saw a nice advance higher yesterday.

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The financials also tacked on another day of gains on Tuesday. After a potent two-day move, it would be prudent to book some profits and hold some. Last week when Goldman Sachs (NYSE:GS) traded above the prior buy price of $119, traders could have initiated a Tier 1 buy and Monday, once it triggered out of a larger pattern at $121, traders could have gotten up to Tier 2. After this two-day move, traders could get back to Tier 1 and wait for a new entry/set-up before getting back to Tier 2.

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Western Digital (NASDAQ:WDC) triggered at the buy price of $38.35-38.50. This stock closed Tuesday up over 4% after spending several sessions consolidating the prior move from $34 to $39. The next real level of resistance is $40-40.20.

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United States Steel (NYSE:X) tacked on another day of gains as it closed yesterday up 1.71%. X was highlighted last Tuesday as a laggard play with a decent lower pattern. The trigger buy price was $22.75-22.85 and this stock exploded higher above that level on Friday. The next real level of resistance for this stock is $25.50-25.80.

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No positions in stocks mentioned.
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