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Minyanville's T3 Morning Market Call: Market Continues to Hold Up Despite Apple Weakness


The banks could hold the "keys to the castle" this week.

Google (NASDAQ:GOOG) is acting a bit better than some other high beta names, but that gap on December 13 and close on the low was a bit disturbing. It needs to hold above $695ish to keep some interest.

Amazon (NASDAQ:AMZN) acts best in high beta land but it is hard to trust. The $246-247 level must hold to keep momentum here.

Priceline (NASDAQ:PCLN) has been weaker and is near its earnings gap. Use $607.50 as a pivot to trade around.

Baidu (NASDAQ:BIDU) has seen a nice snap back since the Red Dog Reversal on 12/6. The pivot was $87.96 and still has some room back to the $102 area, but tread lightly.

LinkedIn (NASDAQ:LNKD) is hanging tough and doing more work above $110.

Facebook (NASDAQ:FB), after a nice move from the low $20s following its biggest IPO lock-up expiration, had a pretty nasty day Friday on a much smaller IPO lock-up expiration. I got stopped out of my trailer. You could base some trades around the $26.76 pivot. (NYSE:CRM) had a nice clean breakout after being listed on Off the Charts last week around $160. It still holds in well, but needs to hold $164 to have a chance for new highs again, in my opinion.

The banks could hold the "keys to the castle" this week. There has been some decent action here.

Bank of America (NYSE:BAC) is holding up well and could back in motion to the upside after closing above $10.70.

JPMorgan (NYSE:JPM) acts decent, but needs to stay above $42.40 in order to have a chance to close over $43.

Goldman Sachs (NYSE:GS) has been very tricky but has another tight pattern to watch. If it gets above $120.50, maybe it's worth a few points for a trade.

US Steel (NYSE:X) woke up Friday after we listed it on Off the Charts and it could continue higher.

Freeport McMoRan (NYSE:FCX) could be worth some cash flow to fill more of its gap above $33.95. The stock has been crushed.

Deere (NYSE:DE) is worth watching. It needs to clear $87 to be more compelling.

Caterpillar (NYSE:CAT) is not great but grinding of the lows.

Metals are struggling to hold lower support and have been disappointing. Gold (NYSE:GLD) must hold $162-164 to keep bullish composure intact; otherwise it can see much lower prices.

The Europe ETF (NYSE:FXE) is very interesting right now. There was a big upside move on Friday perhaps as the news flow out of Europe is getting a bit better. The next real resistance is $134ish. Bullish action in this ETF may be a good sign for next year.

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Scott Redler is long BAC, JPM, X, NFLX, ZNGA. Short SPY.
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