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Minyanville's T3 Morning Market Call: Can Market Gap-and-Go After Fiscal Cliff Deal?

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Equity markets are far from dead and continue to provide opportunities for those who learn how to navigate them.

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Banks have been the place to be.

Bank of America (NYSE:BAC) has been the focus multiple times during the past few months. It might hit $12 today. I would trim some but hold some in the drawer as this can see higher prices this year. I believe $15-16 could be in the cards.

JPMorgan (NYSE:JPM) also looks good. The pivot to watch is $44.54.

Goldman Sachs (NYSE:GS) was a nice target for us around $120, now it needs to clear and hold above $129.72 for more momentum.

Metals felt like they capitulated a bit last week on the "Paulson news." Gold (NYSE:GLD) put a nice pivot low in at the $158.50 support and then closed above $162. Iit's getting some follow-through today. Next resistance is around $164ish.

The ags look okay. Monsanto (NYSE:MON) has been best in breed of late.

Mosaic (NYSE:MOS) chart looks good and could have a decent 2013. The next trigger is to clear and hold is $57.

CF Industries (NYSE:CF) hasn't acted that well lately, but a close above $207 would be constructive.

Ford (NYSE:F) and General Motors (NYSE:GM) had explosive moves recently, but I wouldn't chase. Toyota (NYSE:TM) is a bit extended here, but can continue higher in my opinion. The weekly and monthly charts look good.

Equity markets are far from dead and continue to provide opportunities for those who learn how to navigate them. I'm sure the media will now start obsessing about the debt ceiling as it gets closer. When the market is overbought enough, it will start to care. Let's hope we do get real spending cuts as the Republicans did their part and agreed to raise some revenue with taxes on the wealthy.



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Scott Redler is long AAPL, FB, BAC, YHOO.
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