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The T3 Morning Market Call: What Could Derail the Market's Historic Run?

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This relentless move higher is now starting to frustrate even the bulls.

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Tech remains mixed.

Google (NASDAQ:GOOG) continues to be an animal as it trades at historic highs again. If you're still long, congrats, but it feels very extended.

Netflix (NASDAQ:NFLX) tacked on its fourth up day since the buyable pivots but is also very extended.

Priceline (NASDAQ:PCLN) has been knocking the teeth out of shorts, but I avoid this one generally.

Apple (NASDAQ:AAPL) broke $450.50 Tuesday and some jumped on shorts or got out of longs. Yesterday the stock couldn't hold its 50-day. I guess $420-422 is worth a look for some action if it sees that level. If it doesn't reclaim its 50-day fast, it could see a retest of recent lows.

Yahoo (NASDAQ:YHOO) broke above another pivot yesterday.

EBay (NASDAQ:EBAY) continues to work higher. There is some resistance at $58ish.

LinkedIn (NYSE:LNKD) filled its earnings gap for a quick trade and then came in hard. It has no set up now and needs some time.

Facebook (NASDAQ:FB) remains very weak and is an "avoid."

Microsoft (NASDAQ:MSFT) gave another buyable entry on its 8-day and looks good.. I believe we could see $37-$38 this year.

Intel (NASDAQ:INTC), after two down days, turned up and still looks buyable on dips.

Cisco (NASDAQ:CSCO) had a nice earnings report that has it gapping up. If it can stay above $22 it could see higher prices.

Metals continue lower. We've been discussing the weakness there. Everyone had some adjustment areas in the last few months.

Gold ETF (NYSEARCA:GLD) gave you an intermediate spot to make some adjustments on February 11 when it broke $161ish, then macro folks had some adjustments to make when it broke below $148.50 on April 12. Recently it bounced back and turned lower again. The next spot to make potential adjustments is $130.50, but it feels like $127.50 could be coming soon.

Tesla (NASDAQ:TSLA) is a very fast-moving vehicle. Tuesday it was a sell around $95 and then yesterday it hit $78.19. This morning it's back above $90ish. Make sure to know your risk when trading this using levels and not opinions.

(See also: The Tesla Model S Is the New Toyota Prius.)

I've been trying to hold several longs since the November 16 reversal that ignited this recent uptrend. I find myself down to only three now and am a bit frustrated.



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Scott J. Redler is long BAC MS ZNGA. Short SP.
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