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Minyanville's T3 Morning Market Call: Futures Indicate Higher Open to Kick Off Q4


Tech did get a hit a bit harder than some of other sectors, which is a bit of red flag.

Apple (NASDAQ:AAPL) bounced back hard on Thursday to try and reclaim its 21-day after slicing through it Tuesday. Then on Friday, it gave back way too much to keep me committed. Stocks should hold top third of a recent move to keep money committed; on Friday, it gave back more than half. Action here is a bit concerning. I would keep it light at this stage. Most traders are now looking for two way action, as shorts are getting paid for being cute. The stock needs to get back above $676 in order to relieve some pressure. Above $681 is even better. If this goes negative today, look at $666 then a bigger level around $660-$662. The 50-day moved up to $649.

Google (NASDAQ:GOOG) remains one of the best acting high beta names. It has a high level flag. If anything can show momentum, this can. Above $762-764 it can start on its way to $800+. I would like to see a bit more time to let moving averages catch up.

Amazon (NASDAQ:AMZN) is choppy but trying to stay above the 21-day. I would stay with it but stay reduced.

Baidu (NASDAQ:BIDU) started acting a bit better late last week. It was downgraded by Jeffries this morning, and holding $114 would be good.

Facebook (NASDAQ:FB) saw nice action Friday as its trying to repair its chart. The stock is trying to repair itself since the Barron's slap. It's trying to get in the gap that closes at $22.60.

LinkedIn (NYSE:LNKD) is still holding the 21-day, but needs some time. Traders will get excited if it can get over $124-125.

Gold (NYSEARCA:GLD) and silver (NYSEARCA:SLV) are a bit softer with the S&P futures up. Recently they move together. See what goes on here next few sessions as both these metals are holding in well after a spirited move since August 20-August 21. Gold's 8-day MA is $171.25ish, then the 21-day is $168.64. Silver's 8-day MA is $33.20 and then the 21-day $32.34.

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Scott Redler is flat.
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