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 Morning Market Call: Independence Déjà Vu


Expect lots of nice action across the board from the leaders to the laggards.

The Minyanville - T3Live Morning Market Call 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 recent action feels almost like déjà vu. Last year I was in the Hamptons, and there was a surprise short squeeze that happened over the quarter's end and into the July 4th holiday, right at this same time. It's never fun, especially if you're with the family trying to enjoy the holiday. It was fast and furious and caught me and most professionals by surprise. You had a few chances to cover, but it wasn't easy. If we rewind to last year, the market squeezed all the way to Thursday afternoon's pre-jobs number, before putting in the summer top.

Nothing ever happens in exactly the same way, but yesterday's market had every reason to go down and still held higher. SPY even held the highest support at $135.50, which I outlined in the morning chart. There was no opportunity for shorts to salvage anything if they were rolling it up from Friday. It also didn't really give longs enough time to get in on the action.

Today is a half day! $135.90 is support No. 1 and $135.50 is support No. 2. If we stay above these levels and push through yesterday's high of $136.48, the next resistance spot is $137.56, which is a good spot to trim your longs, if not sell most of them. If the market puts the full-fledged pain trade on into Friday's jobs number, or perhaps an ECB cut on Thursday, $138.66-$139.50 is the spot to get flat and mortgage the house short!

Lots of nice action across the board from the leaders to the laggards. Some leaders had nice follow through yesterday and some stocks are actually breaking out. Lagging groups continue to have a spirited move off the bottom as well. There is something for everyone unless you are fighting this market with opinions!

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, VISA, and JPM and short SPY.
Featured Videos