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Stock Selection Key Amid Macro Pressure


Apple, Facebook, JPMorgan are all in the news.

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On Friday, we saw the Nasdaq (^IXIC) and Dow (^DJI) fall into negative territory for the month of July, but the S&P (^GSPC) managed to hold on by a thread. Today, futures are down again across all indices this morning following renewed worries over the need for a Spanish sovereign bailout after a second province requested financial aid from the federal government. The news pushed Spanish yields all the way to 7.5%, a eurozone high. Also troubling investors, reports out of Germany have indicated that the IMF will no longer provide financial assistance to Greece, sparking fears that the country could run out of money by September. Financial stocks were some of the worst hit in the pre-market trading, with Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Morgan Stanley (MS) all down between 1.5 and 3%.

Here at home, Halliburton (HAL) reported earnings of $0.80 per share this morning, $0.05 above expectations, but saw net income drop for the second quarter year over year. A number of other companies will report earnings today, including Texas Instruments (TXN) and McDonald's (MCD). In all, 275 of the S&P 500 will report earnings this week.

Apple (AAPL) has been trading in a tight range. Right now I'm looking at $598 as a buy level, with a target just above $600. If it beats earnings estimates, I think $620 is the trigger buy area. It's still best in breed either way.

Facebook (FB) has had trouble getting above $30. Right now, it's not showing any life technically. I will be buying it anywhere from $26 to $27, but it's been living in a $4 range. Don't overtrade it.

Amazon (AMZN) has seen a move higher on the back of eBay's (EBAY) earnings report. Many investors are interested in the third-party sales numbers, but Amazon almost never seems to beat expectations across the board. If it gets above its current resistance level, it should be a strong buy technically. The chart looks good right now.

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Marc Sperling is long ANTH, FB calls, TSPT, LVS calls, GTAT, LULU calls, TLT, FSLR, DSS, NFLX, AAPL calls, and NKE.
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