Need Help?  

1-888-998-3548 or 646-214-7240

Banks Continue to Lead Market, Apple (AAPL) Shows Life

John Darsie and Evan Lazarus
Jan 16, 2013, 5:18 PM

The S&P was once again able to bounce back from a down open to finish in narrowly positive territory Wednesday. Weakness in foreign markets overnight weighed on futures, but strong earnings from the financial sector helped lead the bounce. At this point the market continues to rest and digest with no major catalysts in either direction ahead of options expiration this Friday.


Traders were looking to earnings this week to perhaps wake up the market a little bit, but the cross winds continue. The banks continue to do their part for the indices, and today was no exception. Goldman Sachs (NYSE:GS) delivered a blockbuster report this morning, opened higher and rallied all day on its way to a 4.1% gain. JP Morgan's (NYSE:JPM) report was more lukewarm and the stock opened lower but was able to rally into positive territory during the session. Bank of America (NYSE:BAC) was also strong ahead of its earnings report tomorrow morning, posting a 2.0% gain.


Apple (NASDAQ:AAPL) also showed signs of life today after looking out for the count on Monday and Tuesday. The stock posted two straight days of 3+% losses but got a boost after the close yesterday when well-respected technician Tom DeMark opined on Fast Money that the stock was a day or two away from a major bounce according to Elliot Wave Theory. AAPL opened higher and continued during the session, finishing with a 4.2% gain. It will be key to see what this move leads to. If AAPL can sustain a multi-day bounce, it could be the lift the market needs to break out of this range.


Facebook (NASDAQ:FB) pulled back for the third straight day surrounding its surprise event yesterday. The company announced a new type of search, called Graph Search, based on your social network, and investors are not terribly enthused. The stock has seen an impressive run since mid-November, so a pullback is not altogether surprising.


Overall I think the enemy is overtrading right now. Be selective with your short-term trades, and if you are sitting in swing long trades right now there has so far not yet been a sell signal in the market, in my opinion. Over the last several years we have grown accustomed to a steady flow of high stakes headlines, and in the absence of hyperbole from the media it seems the market doesn't know what to do with itself. In time, though, I think it will be seen as a positive and money could flow back into equities more steadily.




*DISCLOSURES: Evan Lazarus has no positions







Last Updated ( Wednesday, 16 January 2013 17:52 )
© 2012 T3 Live, LLC
  1. T3 LIVE, LLC is NOT a Broker Dealer. T3 LIVE, LLC engages in trader education and training. T3 LIVE, LLC offers a number of products and services, both electronically (over the internet through and in person. Through T3 TV, an online video network that is available through, T3 LIVE, LLC provides LIVE pre/post market and stock analysis. Through, T3 LIVE, LLC offers the "Virtual Trading Floor", a community through which independent traders (subscribers), as well as select T3 Trading Group, LLC Traders, observe a virtual trading floor environment (as described below) for educational purposes. T3 LIVE, LLC also offers web-based, interactive training courses on demand.
  2. Subscribers are able to see if traders are long or short and what symbols as part of best practices in regards to disclosure. Subscribers do not see trader' screens, trades or size of positions. T3 requires traders to disclose whether they are long or short and which stocks they are trading to ensure that the community is fully informed and that traders substantiate their opinions. This approach is modeled after the analyst disclosures that accompany commentary on particular stocks on CNBC or other financial news media (as per FINRA Rules 2210 and 2711).
  3. The seminars given by T3 LIVE, LLC are for educational purposes only. This information neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.
  4. This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE, LLC or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.
  5. The videos and blogs shown on T3 LIVE, LLC are for informational purposes only. The investment ideas and expressions of opinion may contain forward looking statements and should not be viewed as recommendations, personal investment advice or considered an offer to buy or sell securities. T3 LIVE, LLC statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio.
  6. T3 LIVE, LLC and T3 Trading Group, LLC are separate, but affiliated companies.
  7. T3 Trading Group, LLC is a Registered SEC Broker-Dealer and Member of the CBOE Stock Exchange (CBSX All trading conducted by contributors on Virtual Trading Floor is done through T3 Trading Group, LLC. For more information on T3 Trading Group, LLC please visit
  8. Global Trading Plus, LP (“GTP”) is the exclusive provider of T3 LIVE, LLC products in Europe, all the former Soviet Republics (dating back to 1991), and Israel. GTP is a separate company and has no common ownership with T3 LIVE, LLC, T3 Trading Group, LLC.