Metals Continue Lower This Morning – GLD, SLV

World markets are charging ahead again this morning as talk of a diplomatic solution in Syria grows louder. Asia started its impressive bounce even well before that news. Shanghai put in a double-bottom during the Summer and continued to build relative strength through August. The Nikkei consolidated a huge move for 2013 during the Summer and is now up 7%+ for September back in upside motion.

Yesterday the S&P reclaimed the 50-day moving average and pierced its descending channel with a close above, giving traders time to put some risk back on. S&P futures are up 8-9 handles and the gap from 8/15 would get filled at 1682ish. The next resistance level above that is 1692. Support stands at yesterday’s high of 1672 then the 50-day at 1667. The doomsday guys that say this is the “right shoulder” of a bigger H&S pattern better hope that they sell this open today.

There has been lots of nice movement across many sectors. Some leaders are “leading” and some laggard type plays are catching up. World economies are getting back on track so demand for goods and services could grow.

In today’s Morning Call we will go over some new set-ups as many that we talked about in the last two weeks have already triggered and hit targets.

Chipotle (CMG) has been building a nice upper level base after having a big gap up on earnings. It’s currently basing above the 8-day moving average and looks poised to make a move higher above $412.70.

Celgene (CELG) has a bullish V shape pattern in place after it held the gap support level of $131.52 on August 16th and has been trending up since. It’s currently back above all key moving averages and holding higher. The stock has room for some potential continuation above prior pivot high of $149.92.

US Steel (X) just had a three-day rally that pushed it back into the upper end of the monthly range from $16 to $19.70. A break and close above $19.70 with some volume could open the door for higher prices in the coming sessions.

Ctrip (CTRP) has been building an upper level base with all key moving averages rising up. It’s been hugging the 8-day after having a nice gap and go on August 1st. CTRP looks like it could continue higher above $48.02.

THe Limited (LTD) had a nice rally from $43 to $62 within five months before having a controlled pull-back. Active traders could potentially look for some buying opportunities at $58 area as a move above this could help it break above the recently descending trend line. A stop could be placed at last week’s lows of $56.26 as this is the new support level to trade against.

We went over the banks that woke up on 8/28 and are starting to get some follow-through.

Goldman Sachs (GS) was listed in our Price Point Sheet yesterday with an action area buy at Friday’s high of $157.71. It triggered this buy price and gained almost 2% to close right in front of its 50-day at $159.50ish. A break and close above this key moving average would keep its pent up momentum intact.

Morgan Stanley (MS) also had a nice up day with 2.35% gains. The stock has cleared most resistance levels and has room for a potential move back to highs at $28.

Bank of America (BAC) tacked on another 0.84% gain yesterday after having a controlled pull-back last week. A break and close above last week’s pivot high of $14.55 could bring in more buyers. This is the best-in-breed in this group during the corrective phase. I do feel the highs of the year are not in here.

Citigroup (C ) is also holding higher and looking more constructive. A break and close above current short-term resistance of $50.20 could open the door for higher prices. The next obstacle to the upside stands at the 50-day at $50.60.

Here are some quick hits that could provide some continued cash flow.

Apple (AAPL) had a big gap up yesterday and closed the day up 1.60% as anticipation grew for today’s product event, which is expected to unveil a new iPhone. Traders have yesterday’s gap start of $503.48 as the new pivot to trade against. Holding above this gap could lead to a move through $507.92. After that we have $513.74. Sometimes they try to “sell the event,” but this time it’s two days, which could help.

Tesla (TSLA) lost some of its momentum as the stock dipped 3.8% to almost retest its 21-day moving average at $157.60ish yesterday. It did hold above this key support and put in a new pivot low of $158.51. This could be used as the new point of reference to trade against. Recently, its action has been a bit choppy.

PotashCorp (POT) had a nice gap-and-go to register nice gains of 5% yesterday. Some stocks in this group are approaching the big gap down from July 30th. This trade could continue above $31.89. The next obstacle would be to reclaim the 50-day at $33.58.

Research in Motion (BBRY) registered impressive gains of 6.4% after two days of rest. Reports suggest the company is set to layoff half of its workforce and sell itself to the highest bidder. It has some room to the upside as the next resistance level stands at the 100-day at $12.19 and then the 200-day at $13.

Facebook (FB) has provided lots of nice set-ups since earnings. Now it will be key to see if it can hold above $43.50ish to then make an attempt to take out $45 area.

Amazon (AMZN) has had a big-time move since the Day #1 on 9/03 around $282.50 now it’s back at $300+. I would not chase it here for a “starter position” today, and it might even be worth a cute short type day here.

Google (GOOG) has had a big move here since its Day #1 wake-up call on 9/03 around $860. Now it’s back near $890, extended in the short-term but back in the game.

Metals continue lower this morning.

Back on 8/27 we stated that Gold and Silver feel like better sells now then buys, and that was basically the end of that reflex bounce. Back on June 28th they had strategic “blood on the street” buy potential. Needless to say, entries and exits do matter.

For Gold (GLD) a close below $131.40ish would break that trend from the June 28th lows.

For Silver (SLV) a close below $22.18 and bugs will be bugging out again.

Rates are back on the move, continuing our 2013 thesis of “rates higher.” A close above 3% on the 10-year is coming soon to a theatre near you, in my opinion.

Disclosure: Scott J. Redler is long BAC, AAPL, POT, BBRY, USU, BBRY calls. Short SPY.

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