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Minyanville's T3 Morning Market Call: Eyes Turn to Earnings Season


Stay light with only the best if you're a macro investor.

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Not much news overnight besides the usual Spanish yields rising and other rumblings out of Europe. The China Debate continues and today starts earnings season with Alcoa (AA). The media loves to emphasize the importance of Alcoa but we all know it's a non event. Futures are up a bit as we are somewhat oversold. Hard to be massively short when the McClellan Oscillator is at -71ish. We could bounce a bit before we head to bigger support areas, but we don't have to. Stay light with only the best of the best if you're a macro investor. Intermediate/momentum folks like myself will try and sell rallies, short breakdowns, and only buy in extreme oversold conditions with a plan.

IBD big cap 20 is out. A great list to measure against your portfolio if you hold one: Apple (AAPL), Alexion (ALXN), Priceline (PCLN), Celgene (CELG), Mastercard (MA), Dollar General (DG), (CRM), Yum Brands (YUM), Starbucks (SBUX), Visa (V), VMware (VMW), Intuit (INTU), VF Corp (VFC), Qualcomm (QCOM), Valeant (VRX), Las Vegas Sands (LVS), Bed Bath & Beyond (BBBY), Biogen Idec (BIIB), Home Depot (HD). SPY micro support is yesterday's low of $137.84. The 50-day moving average stands at $137.29, under that is $136.24. Major, major support is $133.75-134.25.

SPY resistance starts at yesterday's gap at $138.78 -- it fills at $139.26. (It will be interesting to see how much of the gap can get filled if it can push in.)

Leaders yawned at yesterday's downside action. Until they start getting hit this might just be a slow, hard-to-trade drip lower.

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Scott Redler is long LVS, DNKN, JPM, ZNGA. Short SPY.
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