Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Minyanville's T3 Daily Recap: Apple, Facebook Power Nasdaq

By

Stocks may see more digestive type action this week, which is not unhealthy after an impressive bounce.

PrintPRINT
The Minyanville - T3Live Daily Recap is brought to you by T3Live.com. T3Live.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time©. Learn more.

US markets finished mixed Monday as the Dow and S&P declined while the tech-heavy Nasdaq finished with a 0.4% gain. The S&P saw its five-session win streak snapped as concerns linger about the fiscal cliff and Greece. After the market bounced back strongly last week, today's digestive action is not unexpected. Stocks may need rest before continuing to the upside heading into the holiday season.

There were several factors that weighed on the market, but still the damage was minimal. The S&P opened lower this morning after only seeing middling Black Friday sales numbers, with the SPDR S&P Retail ETF (NYSEARCA:XRT) dropping 1.06%. Lawmakers in Europe continue to argue over whether or not haircuts should be applied to outstanding Greek debt before the next tranche of aid is delivered to the bankrupt nation. In the Catalonia region of Spain, two-thirds of the vote went to parties that support independence. Lastly, although American lawmakers sounded more ready to compromise last week in regards to the fiscal cliff, the clock is ticking and investors may again start to get anxious.

Two big names -- Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) -- helped the Nasdaq outperform the other indices today.

Facebook exploded to the upside in the morning after also opening higher, and held near the highs all day. The stock entered its large earnings gap, finishing the day with a 8.09% gain. The next resistance level to watch is the gap fill at $26.73.

Apple continues to roar back to life since its reversal on Friday, November 16, climbing 3.15% on the day. The stock followed through after that reversal day with a potent up move before digesting during the rest of Thanksgiving week. AAPL looks set for strong holiday sales, and its next text will be the 200-day moving average at ~$598.

Stocks may see more digestive type action this week, which is not unhealthy after an impressive bounce. We will be outlining and watching key support and retracement levels over the next few days to make sure bullish composure remains intact. The reemergence of leaders, though, is definitely a strong sign for the bulls.



Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Scott Redler is long SLV, AAPL, BAC, QCOM, FB, SBUX. Short SPY.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE