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Minyanville's T3 Morning Market Call: Futures Follow European Markets Lower Ahead of Options Expiration


Banks have been showing some true weakness. If we are to head lower, take some clues here.

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Futures have been down all morning, about seven to nine handles. Some blame it on Angela Merkel's statements that they're rejecting the reworking of the Greece deal and Spain and Italy yields are rising. Or it could just be options expiration. Earnings have been rolling in all week as second quarter revenues have been disappointing but most stocks are bouncing off that news.

S&P tried to break and get some follow-through macro resistance of 1375, but it hasn't had the power or momentum above that level. Short-term support on the SPX is 1362-1365 which is where intermediate-term traders would like to see it hold. Under that is 1355-1357 (if we see this or close below this, the chart would look like a push-through failure).

It has been a very rewarding week for tactical individual equities plays as earnings have provided opportunities for leaders and laggard type trades.

The banks have been lagging for a few years but this week, the group showed some true weakness. If we are to head lower, take some clues here. Goldman Sachs (GS) opened and couldn't sustain above $98.50 and it feels as if real support at $90.60 will be broken in a matter of time. In the coming weeks, if Morgan Stanley (MS) can't hold $12.26, then it could see single digits.

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Scott Redler is long AAPL and Short SPY (Covered more than half this morning below $137 and will stay with some.)
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