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Minyanville's T3 Weekly Recap: Don't Fight the Trend in a Tricky Market


Facebook, Goldman Sachs, and JPMorgan are in the news.

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Stocks rallied today and managed to reclaim weekly gains after ECB President Mario Draghi revealed that he had a meeting with Bundesbank President Jens Weidmann to remove the last major obstacle to the European Central Bank's plan to adopt new measures including sovereign bond purchases. The German Central Bank has opposed many of the new measures, including the bond purchases, but investor optimism soared after the meeting was announced. German Chancellor Angela Merkel and French President Fracois Hollande also said they were committed to keeping the eurozone intact. News that the US GDP actually grew 1.5% for the second quarter, when many analysts were expecting weaker numbers, also helped bolster the rally. All told, the Dow has risen nearly 180 points, the S&P gained nearly 2%, and the Nasdaq rose 55.5 points for another 2% gain.

Facebook (FB) was one of the few stocks in the red today after falling over 11% following a poor earnings report for the second quarter and failing to reassure investors over its high valuation. The stock is now trading just below $24, which is about 40% off its IPO price of $38.

Looking at the SPY, it looks like we could once again reach the upper trendline of the ascending channel that has defined the stock's movement over the last weeks at about $140.

The banks also had another up day. Goldman Sachs (GS) is back above most key levels and looks like it could reach $104. JPMorgan (JPM) is back over its 200-day moving average, but I won't be putting on any new longs. It's a bit too late and a bit too much to chase at this point.

Priceline (PCLN) and Expedia (EXPE) both had tremendous days. Priceline in particular did well, but has now come back into some resistance.

We had a couple of big days, so don't fight the trend. I didn't expect this move, but I embraced it, which is all you can really do. We're still in a tricky market, and I tend to think August will be even more lethargic.

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Marc Sperling is long TLT, DNDN, EBAY, CF, MOS, ANTH, TSPT, LVS calls, FB calls, GTAT, LULU calls, LVS calls, DSS, VXX, AAPL calls, and AGU.
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