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Minyanville's T3 Daily Recap: Stocks Roar Back Despite Facebook Drag


The easy bounce has happened; keep taking trades.

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The market started the week off with a bang, taking the cue from dovish comments out of China to take back Friday's losses and then some. The Nasdaq, led by irrepressible Apple (AAPL), was the biggest winner, gaining 2.5%. The S&P jumped 1.6%. Friday's disastrous Facebook (FB) IPO weighed further on an already-oversold market. The stocks saw further downside today, but the market shrugged it off.

Markets closed on the highs of the day for the first time after an overnight gap. We put in a higher low from Friday and never looked back. There were some mixed signals this morning as strong stocks held above Friday's low and there were some valid reversals in some weaker names. We are right now at Resistance 1 with the high of the day at $131.98. The next area above this is $133 (likely this could happen) with the true line in the sand at the prior pivot of $134.20-134.55 (not so compelling that we see that high).

The easy bounce has happened; keep taking trades. It's good to see Apple leading the way as it showed some relative strength late last week. There are some positive tones in stocks like Google (GOOG), Amazon (AMZN), eBay (EBAY), and Las Vegas Sands (LVS).

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Marc Sperling is long CMG, CMG calls, FB, F, DNKN calls, AAPL calls, CRM puts. Scott Redler is long SPY, LVS and AAPL.
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