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Minyanville's T3 Morning Market Call: Futures Surge Despite ECB Inaction


Amazon and Apple are both set for higher opens.

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S&P futures are up about seven handles, only slightly off morning highs, following the ECB's announced decision to keep rates unchanged.

The range in the market has been very quiet and tight for more than 15 sessions. On one hand, stocks are holding in well and we are getting select leadership... but on the other hand, the August 21 bearish outside reversal is still the most significant day we've seen in weeks.

The important thing, to technical traders, is that we do have a defined range to watch for resolution. A 60-minute close above (a daily close is better) S&P 1413-1415 opens the door to test year highs of 1422-1424. A 60-minute close below 1395-1398 opens the door for 1370-1377. I'm in the camp that the highs of the year are not in.

Yesterday I commented that the precious metals, gold (GLD) and silver (SLV), are flagging and I do not believe the high of this move is in. This morning, they are on the move higher. Back on August 21-22, I entered silver as the pattern looked set to resolve to the upside, and silver has continued to lead the charge higher for this group. At these opening prices, I would say it could be tricky to initiate new longs. If you have been trading them long, I would book some profits but keep some if you have a longer term approach.

One of the tech leaders we have seen re-emerge over the last few months is Amazon (AMZN), and the stock is set for a higher open. The catalyst for Amazon's pre-market surge is a media event in which many expect the retailing giant to unveil the new Kindle Fire tablet.

Apple (AAPL) was also set for a higher open and perhaps an assault on new highs once again, but is paring pre-market gains as the morning wears on. Investors have been buying up Apple shares in anticipation of the iPhone 5 announcement and inevitable avalanche of pre-orders we are likely to see. The wildcard is the iPad mini, which many expect to come through the pipeline in the near future as well to compete with cheaper competition in the tablet market.

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Scott Redler is long AAPL, LNKD, GLD, JPM, CLF, FB. Short SPY.
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