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Market Melt Up Continues

Marc Sperling
Jan 25, 2013, 9:31 AM

Marc Sperling of T3 Live brings you the Morning Call, touching on the market and sectors. He looks at big tech stocks, including AAPL (NASDAQ:AAPL), Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN) and more.

 

The pain trade continues to the upside, as even guys that are bullish are having trouble making much money and staying the course. The pivot to watch on the SPY today is yesterday’s high of $150.14. The 8-day could act like a magnet over the next week or so to give this market some rest. We are starting to see some overbought readings, and at this point the rally is a bit tricky. At this stage of a rally it gets a little tricky for both longs and shorts. If you find yourself getting frustrated, take a step back and wait for more calculated entries. It does seem like higher prices could be in our future, so I will operate from that bias until proven otherwise. It will be interesting to see whether TBT’s can hold this gap as finally it seems bonds could have that continued sell-off that some people have been looking for. Gold failed to break above intermediate resistance and is continuing to the downside this morning. The rest of the market, through healthy rotation, has done a good job of putting AAPL in the corner. I will be on the road today with limited access.

 

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*DISCLOSURES: Scott Redler is long LNKD calls, WFC, GE, LNKD, MGM, WMT, DBC. Short SPY, GS.

Last Updated ( Friday, 25 January 2013 09:50 )
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