The Morning Market Look For 9/12/13


Good morning. Futures are leaning slightly lower here this morning as it tries to digest its move.  The 10 year note ($TNX) is trading at 2.88% and Europe is red and taking a break after its big move. Hard commodities like gold, silver and copper are lower.

It’s all about mobile and $FB made an all time high yesterday. This stock measures much higher, but may need a little rest. $LNKD and $YELP made more highs too. Mobile and social is still on fire.

Marissa Mayer from $YHOO said her company gets 12,000 resumes a week. Most were sent to her from their GMail. She’s a brilliant gal with degrees in artificial intelligence,symbolic systems and compute science. I feel dumb.

Too bad the Fed meets next week because the rally may take a breather in front of the event.  I’m expecting a soft taper though, and a resumption higher for the market.

Japan ($EWJ, $DXJ) has been rallying and Abe said he’s ready with more stimulus at the drop of a hat. The UK made similar comments this morning.

$QCOM said they were buying back 5B in stocks, so another company that has no clue what to do with all their cash.

Putin wants to be the next Christopher Hitchens and penned a piece for the NY Times yesterday.  Field and Stream magazine is all over this guy now to do a piece on bear wrestling.

$APPL got hit with a two by four yesterday and we got a post close Icahn tweet stating that he bought more. You only get one free trade on that one Carl.

Stocks are breaking out all over the place and technically the $SPX and $DJIA has seen a dramatic technical improvement over the last few days. $IBM was a big part of the DOW move yesterday and that one has put in a bottom in my opinion.

The financials ($XLF) have spent the last two days above the 50 day moving average which is a great sign.

I think $TLT put in a double bottom and could be good for a long side trade here.

I’m long a bunch of stuff, but some names that look great are: $SAPE, $FENG, $BIIB and $UEPS

Good trading.

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