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: Banks Lead the Charge as Market Ends Losing Streak


Apple, Google, and Amazon were also in the news today.

The Minyanville - T3Live Daily Recap is brought to you by 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.

The market ended its three-day losing streak, paced by the Nasdaq with a 1.3% gain. The Dow was the weakest index, but still finished with triple digit gains (0.76%). The hope of a fiscal cliff compromise is growing as each side makes small concessions, perhaps softened by the unspeakable tragedy in Connecticut.

The banks led the charge today. After waiting patiently for the breakout in Bank of America (NYSE:BAC) above $10, we finally got that move on December 5. The stock put in a very nice, tight bull flag after that move, and today broke out of that range. BAC closed up 4.0% at $11-, giving traders a 10% move since our original trigger buy price.

We have also been highlighting Citigroup (NYSE:C) as it formed a cup and handle below 52-week highs. The stock broke out through that level today, and closed on its highs, up 4.1%. Goldman Sachs (NYSE:GS) is lagging the sector a bit, but had a nice day up 3.5%. JPMorgan (NYSE:JPM) lagged today, finishing up 1.6%, and is a ways away from 52-week highs but breaking above a key pivot.

Apple (NASDAQ:AAPL) also got a little bit more compelling today, putting in a Red Dog Reversal and engulfing Friday's candlestick. The stock broke below Friday's low early in the session and then back above around 11 a.m. ET, triggering the entry strategy. After a brief respite in the late afternoon, AAPL rallied into the close to increase the credibility of today's reversal. The next step will be to see if the gap from Friday is filled.

Google (NASDAQ:GOOG) also had a strong day, breaking above its pivot high from Thursday on its way to a 2.7% gain. GOOG is now near the middle of its "gap" from earnings day on October 18. Look for GOOG's strength to continue into the first quarter of 2013.

Amazon (NASDAQ:AMZN) is also one to keep an eye on as it climbed today towards the top of its upper flag formation. Watch for a break above $255.55 to potentially trigger a move to new all-time highs.

While the tape has been somewhat choppy in December, we are seeing select opportunities on most days. We keep harping on it, but you just need to keep a narrow focus during slow holiday type trading if you are going to be at your desk.

Check out's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
< Previous
  • 1
Next >
Scott Redler is long AAPL, BAC, JPM, X. Short SPY.
Featured Videos