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Minyanville's T3 Morning Market Call: Markets Back on the Rise After China Stimulus


Apple is set for a flat open while Google looks like it will open higher this morning.

Oil was the hit the hardest on September 17, giving clues that there was more weakness to come. United States Oil Fund (NYSEARCA:USO) put a small bottoming tail in yesterday at $32.98; let's see what type of bounce it gets. Lots of resistance piles up around $34.40-34.60.

Metals looked ready for a pull-in after some short-term toppy action on Tuesday. SPDR Gold Trust (NYSEARCA:GLD) broke lower early yesterday but closed off lows. It held Support No.1 above the 21-day MA and now we have a new pivot to trade against: $168.34.

I did break a rule or two yesterday by buying some stocks into the weakness around 3:50 p.m. If you fasted yesterday, I hope it was an easy one.

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Scott Redler is long SPY, AAPL, LVS, GS.
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