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Minyanville's T3 Daily Recap: Quiet Market Holds Steady Ahead of Fed, ECB


Apple and Las Vegas Sands are in the news.

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Markets slumped and ended in a small loss Monday, unable to build on the big bounce we saw Thursday and Friday, but consolidated those gains well. The Nasdaq lost 0.4%, but the Dow and S&P posted only marginal losses. Trading volume was extremely light as traders wait for announcements from both the US Fed and ECB later this week. Many are expecting the first major policy action from the Fed in more than a year, but today's pause illustrates that big players are only cautiously optimistic that the FOMC will decide to act. Economic data has been deteriorating, but it's hard to imagine the Fed firing a bazooka with markets on multi-month highs.

The banks halted their strong five-day run, hurt by a Deutsche Bank downgrade of JPMorgan (JPM), which fell 2.5%. Best Buy (BBY) surged 1.7% after Bloomberg reported efforts to take the company private continue.

Silver (SLV) significantly outperformed gold (GLD), a rare event recently, but both held up well after big moves last week, illustrating QE expectations for later this week. SLV gained 1.5% while GLD posted a 0.1% loss.

Apple (AAPL) was very strong early, filling its entire earnings gap as speculation grows that the iPhone 5 will launch in September. The stock faded after a big morning run, but still finished the day up 1.7%.

Las Vegas Sands (LVS) is my only overnight long position after the stock put in its third straight constructive day. On Thursday last week the stock put in a capitulation candle with huge capitulation volume, and has ground higher since. The stock finished off the highs today, but still looks good for higher prices.

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Scott Redler is long LVS.
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