Which Way Will Big Ben Move Markets?

European markets slipped a bit while Japan rips to another high of the year. Japan is now up an incredible 50%+ since November. US stock futures are 1-3 handles as we made another record high yesterday. Fed Chairman Ben Bernanke takes center stage today as the event kicks off at 10:00 AM ET. Will he revert to his natural dovish self, or will the conversation shift more towards tapering?

At this point the market continues to stair step higher, and there is no reason to fight the trend. The bulls have passed every test at each major pivot so far in 2013. Each pivot on the S&P (1474, 1530, 1574, 1597, 1636, 1653) required the bulls and bears to make some adjustments. Recently, the market hasn’t closed below a prior day’s low since the May 3 jobs number, which again is hugely impressive. Let’s stay the course until that tidbit changes. Currently, the S&P upper range has micro support at 1662 and the 8-day at 1653. Pivot resistance lies at 1674.

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Tech continues to be mixed as opportunities present themselves each day.

Google (NASDAQ:GOOG), which has been best in breed, is trying to create another flag-type pattern. Yesterday it held its 8-day MA and you can now use $897 as a level to trade against. The longer it stays above that, the higher the probability we could get an add-on trade above $912 then $920.60.

Netflix (NASDAQ:NFLX) is also resting after a monster move this year. Recently it gave us two more trades at $210.50 and $219.50ish, now its hovering above its 8-day MA that stands at $233.42. If it can continue to digest, the next upside trade could be $241ish then $248.58.

Amazon (NASDAQ:AMZN) seems to have one of the best set-ups right now as it’s been in a channel for almost five months now. If they want to come after this, the buyable spot it needs to clear on volume is around $272-275. A close above it would be best.

Apple (NASDAQ:AAPL) was very erratic yesterday as Tim Cook did a good job handling the questions from Congress regarding taxes. Many thought this was perhaps Cook’s moment where he stepped out of Steve Jobs’ shadow a bit, but it won’t necessarily mean anything for the stock. For this to get more interesting AAPL needs to get and stay above $445.80. Holding $430ish would be constructive in the meantime. A close below that level and shorter term guys will lose interest.

eBay (NASDAQ:EBAY) got rejected at resistance after a nice post-earnings bounce. Perhaps the 50-day around $54ish could be buyable.

Yahoo! (NASDAQ:YHOO) has been a great 2013 vehicle and met most of our targets already. But that doesn’t mean it can’t go higher now. YHOO continues to hold up well, if you’re in it, make sure it stays above the 8- and 21-day moving averages.

LinkedIn (NASDAQ:LNKD) has been more of a micro trade as it’s been digesting a huge run over the last year. It’s been in the penalty box, though, since last quarter’s earnings. As long as it stays above $178ish, shorter term guys could stay interested, but overall it’s been a bit choppy.

Facebook (NASDAQ:FB) has been very weak and I haven’t really traded it since it failed after last quarter’s earnings around $28ish. For those holding it longer-term, the $25 level is an important area.

Zynga (NASDAQ:ZNGA) has seen some volume spikes, but needs to clear $3.60ish and hold above to get better action.

Priceline (NASDAQ:PCLN) had a monster move then got upgraded two days back and yesterday was an ugly candle. Some might look for a continuation short below $824. Use that as a pivot. It’s a tricky stock.

In the Morning Call we will go over some retail that have been strong. Saks is in the news for a potential buy-out.

Lowe's' (NYSE:LOW) numbers were a bit off, let’s see how it handles the report. WMT has been out of play but has held okay since its earnings. TGT had a nice break out yesterday.

TJX Companies (NYSE:TJX) has been trading in an upper range and looks poised for a potential breakout at $51.83 level. TJX has been the best-in-breed in the retail group. It has provided multiple additional entries since the rally resumed in November last year. Above $51.83 could be the next entry.ROST has been consolidating at highs for more than a month. It saw a nice move up into the resistance at $66.50 yesterday. It needs to stay above that level to extend.

JC Penney (NYSE:JCP) is one of those laggard stocks that has started to act a bit better. It has improved its composure since reclaiming the 100-day moving average with a nice gap up on May 13. Above $19.50 it could see some momentum. This is a laggard play with a decent set-up.

Dollar General (NYSE:DG) has been grinding higher above its 21-day moving average since it started to get back in motion in February. It has cleared some resistance levels and could get more upside.

Lululemon (NASDAQ:LULU) tried to clear $82 yesterday, let’s see if it tries again today. The pattern looks constructive.

Although I think the banks have higher prices in their future we outlined most of them early last week with nice set-ups. Now they are extended.

Goldman Sachs (NYSE:GS) was our focus for additional  entries and $151 was great. Now it’s at $160+ and hard to chase up here. Perhaps use $161.73 as a pivot for active cash flow.

JP Morgan (NYSE:JPM) has shown relative strength recently since word started to spread that Jamie Dimon was almost certainly not going anywhere. The time to buy, though, was around $50, and then at previous highs of $51. Up here at $53.50+ I would not chase. The $53.67 level is the pivot resistance now.

Bank of America (NYSE:BAC) gave us a few more entries, the best one being recently at $12.41. Now it’s just trim and trail as I think it could see $15-16+.

Morgan Stanley (NYSE:MS) played catch-up quickly as that gap on May 3 ignited better action there.

Homebuilders have been leading most of the year. One of my theses Jim Cramer highlighted in his Mad Money program in January 2012 was the The Homebuilders ETF (NYSE:HGX).

Toll Brothers (NYSE:TOL) came out with good numbers today and now needs to get and stay above $37.50 for it to get more momentum. See if it holds up or if they sell it.

The solar group is a bit exhausted. Some traders caught cute shorts there yesterday as many of the solars had outside days. They could use a rest now, so map out the 8- and 21-day to see what type of rest takes place.

Tesla (NASDAQ:TSLA) is digesting monster gains with five controlled down days. Use yesterday’s low of $85.28 to trade against. It needs to get and stay above $90ish to get momentum guys a bit more interested.

Metals are trying to defend a potential double bottom.

Gold (NYSE:GLD) held $130.50 and then in yesterday’s down open, they held where they had to. This group still has a lot to prove, though. If today’s gap up holds, then $135.26 is pivot resistance.

At this point I think even the Bulls would like some type of corrective activity.  We’ve come a long way, but until we get a close below a prior’s day low, continue to follow the trend and rotate through long set-ups.

*DISCLOSURES: Scott Redler is long JAZZ, AAPL, ZNGA, INTC, BAC. Short SPY.

Upgrades, Downgrades, Headlines - May 22, 2013

UPGRADES

Chesapeake (CHK) upgraded to Positive from Neutral at Susquehanna
Susquehanna upgraded Chesapeake based on increased oil and gas forecasts and re-branding initiatives by new CEO Doug Lawler. Price target raised to $26 from $23

Cree (CREE) upgraded to Buy from Neutral at Sterne Agee

Bristol-Myers (BMY) upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Bristol-Myers citing the long-term potential of the company's immunotheraphy revenue. The firm raised its price target for shares to $55 from $33

DOWNGRADES

EQT Corporation (EQT) downgraded to Hold from Buy at Societe Generale
Societe Generale downgraded EQT Corporation due to balanced risk/reward

SodaStream (SODA) downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded SodaStream due to valuation

Caesar's Entertainment (CZR) downgraded to Neutral from Outperform at Credit Suisse

Dick's Sporting (DKS) downgraded to Market Perform from Outperform at BMO Capital

NEW COVERAGE

Monster Beverage (MNST) initiated with an Outperform at BMO Capital
Target $65

PepsiCo (PEP) initiated with an Outperform at BMO Capital
Target $92

Coca-Cola (KO) initiated with a Market Perform at BMO Capital
Target $45

HEADLINES

Sony (SNE) to take Loeb’s spinoff plan to its board. "The proposal from Third Point, Dan Loeb is something that we should discuss thoroughly at a board meeting and then we'll decide Sony's stance," Chief Executive Kazuo Hirai said in a briefing Wednesday to lay out his strategic vision for the company.

NetApp (NTAP) said Tuesday evening it has more than doubled its buyback authorization to $3B (with plans to buy aggressively), initiated a $0.15/share dividend (with plans to increase it), and is planning to cut ~900 jobs

Microsoft (MSFT) unveiled the Xbox One Tuesday, a 3rd-gen console it pitches as "the ultimate all-in-one entertainment system." The device has a rectangular, set-top box-like shape, a slightly bigger controller, a revamped Xbox Live UI, improved app/game loading and switching times, and fresh voice/gesture controls. AMD is widely believed to provide an integrated CPU/GPU for the system.

Lowe's (LOW) missed analysts' Q1 consensus estimates on both the top and bottom line as sales fell 0.5% Y/Y and comps decreased 0.7% during the quarter

Morning Call Express: Could Big Ben Break the Trend?

In anticipation of congressional remarks today from Federal Reserve Chairman Ben Bernanke, Scott Redler, Chief Strategic Officer of T3Live.com, and Brittany Umar take a look at the S&P's bullish trend. They also look at the charts of Lowe's (NYSE:LOW) and Toll Brothers (NYSE: TOL), two companies that recently reported earnings. Lastly, Redler says that Apple (NASDAQ:AAPL) could be trying to pull off an inverted head-and-shoulders pattern.

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

Market Extends Tuesday Win Streak to 19

*DISCLOSURES: Marc Sperling is long YELP, AAPL, LNKD, TSLA, TZOO, ZNGA, DRYS, OSTK, SHOS, ANTH. Long calls in the following stocks: TSLA, ZNGA, EWJ, CROX, FB, AIG, BBRY, UNXL, LNKD, AMGN, AWAY, VHC, CF, EXPE, TBT, AAPL.                     Short SPY, JASO.

Could Goldman Sachs (GS) Upgrades Top-Tick the Market?

Subscribe to Scott Redler's free Morning Note, a comprehensive rundown of his favorite set-ups in the market each morning, among other value-added content.

First, I want to send our thoughts and prayers to those affected in the Oklahoma region by the tornadoes. These types of natural disasters and tragedies are becoming way too common.

European markets are taking a small breather as Japan was able to add another positive day. China is now positive YTD as it’s seeing some commitment to its recent strength.

Goldman Sachs (NYSE:GS) came out today and upped all its S&P targets through 2015 with the highest at 1900. I might have to update my S&P 1700 thesis I came out with in the Summer of 2012 on my 2012 technical outlook segment on Mad Money with Jim Cramer. I updated my 2013 technical outlook in the January 2013 segment he shared.

Today the futures are down 1-2 handles as this overbought market continues to head higher. Can we have another up day today and make it 19 for 19 Tuesdays? This upper extended range has micro support at $166.60ish then $165.73 with the 8-day at $165.16. Pivot resistance is $167.58.

We haven’t had a close below a previous day’s low since the Jobs Report on May 3. Let’s see if this continues for short term complexion.

Banks are getting a little choppy up here as they can use a nice rest. Last week GS, JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC), and Morgan Stanley (NYSE:MS) were all in focus for add-on type trades, but at this point they are a little extended.

On Thursday we went over in the Morning Call how the Oil Service ETF (NYSE:OIH) could play some catch-up. Laggard groups are tough to play but some got involved as the ETF cleared $44.74 then $45ish. Staying above these levels is key now, and this group could continue to resistance up near $47-48.

The other laggard group, the ags, hasn’t seen any real inflows. The key level to watch in MOO would be $55.25, if it can get above that it could get some momentum.

Tech remains mixed with different opportunities each day.

Priceline (NASDAQ:PCLN) was upgraded yesterday and extended again. I would not buy up here as it’s very extended. Shorts have been crushed here.

Google (NASDAQ:GOOG) tried to break above $919ish but ran out of gas. It needs to hold $900ish in order to keep the upper range intact. The 8-day is at $893ish.

Netflix (NASDAQ:NFLX), after monster move since earnings, has rested for four sessions. Support sits at $235ish, which some traders could use as a stop. If it can get above above $243ish, maybe it could again, but it looks tired.

Apple (NASDAQ:AAPL) woke up yesterday, but will have an interesting day as Tim Cook will talk about the tax code on Capitol Hill. It’s off a bit pre-market, I’d like to see it hold above $435-436. If it can go positive today, it could strengthen the case for a potential Inverted H&S pattern with another buy around $446.

Amazon (NASDAQ:AMZN), after a nice move, wasn’t ready to get additional momentum. If it can hold above $263ish, maybe it could try again.

Yahoo! (NASDAQ:YHOO) was all over the news about the Tumblr buy and is consolidating after a nice move. This has been one of our 2013 focus stocks and it hit most of our targets already. Buying dips around the 21-day MA has worked recently, and it currently stands at $27.71.

eBay (NASDAQ:EBAY) worked its way back to bigger resistance, and now it needs hold $55ish to keep some shorter-term traders focused on it.

Microsoft (NASDAQ:MSFT) is one I talked about in early April as a candidate to see money rotate in. After initially igniting, a Goldman downgrade caused a failed breakout, but the stock responded nicely. Now it’s getting upgraded, go figure. My $37 target has almost been reached. I unfortunately missed out on a lot of the opportunities here, but I hope members of our community caught some of the move.

Intel (NASDAQ:INTC) is stalling a bit and needs to stay above $23.70ish to stay interesting.

Solar stocks have been on fire. T3 Live’s Marc Sperling has been doing a great job staying with this trade.

JA Solar (NASDAQ:JASO) ignited yesterday after strong earnings, finishing the day up more than 70%! The move ignited ignited the entire sector. Some other China-based solar companies also saw extensive short squeeze on JASO’s move. Suntech Power Holdings (NYSE:STP), a troubled China rival to JA Solar, rocketed up 27% yesterday, and now is up another 6+% pre-market. Trina Solar (TSL) finished up over 20% yesterday, and is up another 5% pre-market. Compatriots JinkoSolar (NYSE:JKS) and LDK Solar (NYSE:LDK) both were up just over 20% yesterday and are up pre-market, while Yingli Green Energy (NYSE:YGE) finished up 13%. Canadian Solar (NASDAQ:CSIQ), with significant interests in China, finished up 17% yesterday and is up another 6% pre-market.

First Solar (NASDAQ:FSLR) has been in play since the igniting move on April 9, giving multiple additional entries. Yesterday we saw the most recent entry when it broke out again after a few days of rest and gained 10%+. Short interest remains high at 28.27%. The stock still has some room to the upside so keep this on your radar as we could see additional gains in the coming sessions.

Elon Musk’s Solar City (NASDAQ:SCTY) has been a monster as it saw a parabolic move up in the last few sessions. Yesterday it squeezed some more shorts out and tacked on another 15% of gains. Current short interest is 12.25%. Yesterday some of us looked for an exhaustion gap type day, but you need to keep risk tight if that is the game you elect to play. Perhaps use $52.77 for some type or Red Dog Reversal cute short if it sets up.

Sun Power (NASDAQ:SPWR) has been another tremendous mover in the solar sector of late. It got some attention when it broke out of the descending channel on 4/24 around $13. Since then the stock has accelerated to the upside with some additional entries along the way. Yesterday it broke out to a new 52-week highs again after registering almost 8% of gains. Above $23 we could see continuation to the upside. Short interest in SPWR is 23.85%. Use yesterday’s high around $23 as a pivot.

The precious metals were also in focus yesterday, producing impressive reversals after initially trading lower when futures opened Sunday night. Could this be a turning point for the metals, or just a dead-cat bounce?

Gold (NYSE:GLD) bounced off the major support level at $130.51, snapping a seven-session losing streak. The reversal could be due to short covering after gold’s inability to fall below an April low of $1,321.50, but yesterday’s volume wasn’t particularly impressive so it’s worth watching into Wednesday’s Fed testimony and minutes. GLD still has a lot of overhead resistance and the gap from April 15 to deal with. If it wants to continue higher, it should hold above $133ish in the short-term.

Silver (NYSE:SLV) opened sharply lower (and was even lower Sunday night) but saw a nice push around noon that lifted the stock higher by almost 4%. SLV has been trading in a downtrend since October 2012 and retraced 24% this year. The selling intensified recently after it broke the major support level at $25.34. SLV has reclaimed its first key moving average after the impressive bounce yesterday. If it’s any good it should hold $21.60.

Gold Miners ETF (NYSE:GDX) also saw a nice snap back with 7% of gains on Monday. Above $28.50-29 the ETF could gain some more traction to the upside. It needs to hold $27.40 to be any good, in my opinion.

Silver-Wheaton (NYSE:SLW), a silver miner, surged almost 7% yesterday. The stock has some resistance at the $23.50-25 area but the stock closed on highs. Now it needs hold $22.40ish to be any good.

Another trade to take note of is Tesla (NASDAQ:TSLA), which is resting and developing a tight upper range. To keep current pent up complexion intact, it needs to hang above $87-88, in my opinion. For the momentum trade to ignite again, it needs to close above $95-97.

“Our time here is very limited, don’t waste it living someone else’s life.” -Steve Jobs

*DISCLOSURES: Scott Redler is long AAPL, MCP, FDX. Short SPY.

Upgrades, Downgrades, Headlines - May 21, 2013

UPGRADES

BlackRock (BLK) upgraded to Outperform from Neutral at Macquarie

Price target raised to $315 from $253

IntercontinentalExchange (ICE) upgraded to Outperform from Neutral at Macquarie

Price target raised to $207 from $153

DOWNGRADES

First Republic Bank (FRC) downgraded to Hold from Buy at Jefferies

Jefferies downgraded First Republic Bank with a $40 price target

Life Technologies (LIFE) downgraded to Underperform from Outperform at CLSA

CLSA downgraded Life Technologies citing the takeout bid by Thermo Fisher. Price target is $76

WellCare (WCG) downgraded to Neutral from Buy at Goldman

Goldman downgraded Wellcare due to Medicare Advantage exposure and valuation. Price target is $60

CME Group (CME) downgraded to Neutral from Outperform at Macquarie

Price target lowered to $60 from $69

VF Corp. (VFC) downgraded to Market Perform from Outperform at Wells Fargo

Wells Fargo downgraded VF Corp. citing valuation and limited upside potential to consensus estimates. The firm keeps a $182-$194 price target range for shares

NEW COVERAGE

Taylor Morrison (TMHC) initiated with an Outperform at FBR Capital

Target $31

Sony (SNE) initiated with a Buy at Jefferies

Jefferies is positive on Sony's positions in insurance and content and believes the company needs to exit most electronic markets. The firm started shares with a Buy rating

Aetna (AET) reinstated with a Buy at Goldman

Target $68

HEADLINES

J.P. Morgan will hold its shareholder meeting in Tampa, Florida at 10 a.m. All eyes on this event as investors will decide whether they will vote for the Jamie Dimon to retain his dual role.

AAPL’s CEO Tim Cook will appear before the Senate at 9.30 a.m to face some questions after  a 40-page case study on Apple’s overseas tax strategies submitted by the Senate’s Permanent Subcommittee on Monday.

Morning Call Express: Goldman Sachs (GS) Raises S&P Target

Scott Redler, Chief Strategic Officer of T3Live.com, and Brittany Umar discuss the state of the market as Goldman Sachs (NYSE:GS) raises its targets for the S&P 500 through 2015. They also discuss metals, which had a huge reversal on Monday, take a look at the charts of Apple (NASDAQ:AAPL) before CEO Tim Cook speaks before Congress, and watch the performance of SolarCity (NASDAQ:SCTY).

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

Guard Against Complacency Despite Irrepressible Market

The market looked headed for another gain Monday before lunchtime hit and forced the market to digest. Stocks faded for the most of the afternoon, and major US indices finished just below the flat line, largely unchanged. In the 2013, flat is the new down. A confluence of factors--low interest rates, QE, a growing (albeit slowly) economy, among others--have pushed the stock market to historic highs, and there are no signs that is set to change anytime soon.

The Federal Reserve will once again be in focus this week as Chairman Ben Bernanke will testify in front of Congress starting Wednesday. The Fed's QE program divides opinion, but has undoubtedly left investors chasing yield in the form of equities, likely one of the central bank's secondary goals with its easing program.

While the market was quiet today, we continue to have tremendous rotation through sectors. The solar sector continued on its war-path today following strong earnings from JA Solar (NASDAQ:JASO), which finished the day up 70.41%. Big solar players First Solar (NASDAQ:FSLR) and Sun Power (NASDAQ:SPWR) surged in sympathy with JASO earnings, gaining 9.82% and 7.74%, respectively. The Elon Musk effect also remains in full effect as the solar company he chairs, Solar City (NASDAQ:SCTY), finished the day up 14.67% despite closing off its highs.

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

Half-Time Report: May 20, 2013

Steve Levay, Mentor in the Momentum Trading Room, looks at the charts of SolarCity (NASDAQ:SCTY), ExOne (NASDAQ:XONE), 3D (NASDAQ:DDD), Stratasys (NASDAQ:SSYS), Uni-Pixel (NASDAQ:UNXL).

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

*DISCLOSURES: Steve Levay is Long: XONE, PRLB.

Upgrades, Downgrades, Headlines - May 20, 2013

UPGRADES

J.C. Penney upgraded to Buy from Hold at Maxim
Maxim upgraded J.C. Penney on expectations the company's strategy changes under new CEO Mike Ullman will drive traffic. The firm said its recent channel checks indicate that store traffic has increased and it raised its price target for shares to $27 from $16.50

priceline.com upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded priceline.com (PCLN) on expectations the company's margins will stabilize in the second half of 2013. The firm calls priceline.com one of the best growth stories in Internet and raised its price target for shares to $900 from $715. Deutsche also raised its price target for Expedia (EXPE) shares to $86 from $80 and for TripAdvisor shares to $68 from $60. The firm keeps Buy ratings on both of those names

DOWNGRADES

CF Industries downgraded to Hold from Buy at Miller Tabak
Miller Tabak downgraded CF Industries due to valuation. Price target remains $220

SanDisk downgraded to Neutral from Buy at Nomura
Nomura downgraded SanDisk due to valuation. Price target is $60

Red Hat downgraded at BMO Capital
As previously reported, BMO Capital downgraded to Market Perform from Outperform. The firm cites valuation, mixed field checks, and deceleration in most key financial metrics for the downgrade. Price target is $54

Dunkin' Brands downgraded to Neutral from Buy at Longbow

NetApp downgraded to Underperform from Neutral at RW Baird
Baird downgraded NetApp following checks that indicate significant pricing concessions, tougher competition, product road-map uncertainty, and valuation. Price target remains $34

Bed Bath & Beyond downgraded to Hold from Buy at Jefferies
Jefferies downgraded Bed Bath & Beyond on expectations the company's margins will continue declining due to lower-margin e-commerce sales. The firm lowered its price target for shares to $71 from $76.

Lowe's downgraded to Perform from Outperform at Oppenheimer
Oppenheimer downgraded Lowe's citing valuation and lack of upside potential to consensus estimates. The firm keeps a $46 price target for shares

Bank of America downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded Bank of America with a $13.50 price target citing valuation

NEW COVERAGE

Michael Kors initiated with a Buy at Canaccord
Target $82

HEADLINES

Yahoo's board approved the $1.1B acquisition of popular blogging service Tumblr Sunday

Directors at Chesapeake Energy (CHK) have recruited Anadarko (APC) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ said

GE Capital will pay $6.5B in dividends to parent company GE in 2013, consistent with previously stated goals on capital allocation

Can Extended Market Continue Rally Without Rest?

Last week we had another week of gains as this bull market has extended outside the Bollinger Bands. The stair-step trend continues to hold higher and not wait for those looking for a pull-back. This is one of the most interesting/complicated dynamics that I’ve seen in a while as the performance anxiety runs rampant on Wall Street. As a market participant you have a road map, but you never know how fast or what type of composure the markets will follow to get there. All you can do is measure “pivot inflection points” and then make adjustments accordingly, especially if you approach it from an intermediate-term time frame.

We’ve had many of these spots to measure the strength and commitment to make choices, choices to stay long or cover shorts, since the year started. These areas are below:
1474 on January 17
1530 on March 5
1576ish on April 10
1597 on May 3
1636 on May 14

Today the futures are off a 1-2 handles after extending again last Friday. Micro support for the S&P 500 ETF (NYSE:SPY) stands at $166.50 then $165.73. The 8-day is at $164.66. New pivot resistance is $167.00.

Banks have been a nice focus in the past two weeks as they set up again for additional trades. At this point you I believe you could stay with them.

Goldman Sachs (NYSE:GS) triggered above $151 and is now back at 2013 highs.

JP Morgan (NYSE:JPM) triggered above $50 and had a nice five-day streak as consensus seems to be that Jamie Dimon is staying.

Morgan Stanley (NYSE:MS) made a tremendous move since the gap up on May 3, then above the targeted $24 area.

Bank of America (NYSE:BAC) gave another entry around $12.41 and still looks great.

MasterCard (NYSE:MA) led the way for the credit cards above $558 and is at historic highs.

Visa (NYSE:V) was tricky but finally extended above $180.

Transports (NYSE:IYT) and the small-cap Russell (NYSE:IWM) led with the S&P but are a little extended now, so trim and trail.

Homebuilders (NYSE:XHB) are creating another bull flag. See if you can get a trade above $32.55.

Tech remains filled with opportunities on different days.

Google (NASDAQ:GOOG) is best-in-breed has rested a few days after monster run. It’s doing some work above $900. For more momentum to increase I think it would need to clear $916-919.

Netflix (NASDAQ:NFLX) gave two nice additional trigger buys at $210.50 then $220. It has rested a bit now, so it can stay above $235ish then perhaps it could go again above $245-248.

Amazon (NASDAQ:AMZN) is getting interesting again as it’s been in a channel since January. The big area is $270-275, perhaps it could get going above there.

Priceline (NASDAQ:PCLN) has been on fire since earnings and was upgraded today. I would not chase this upgrade.

eEbay (NASDAQ:EBAY) grinded all the way back near old highs and looks good but might need to rest first before getting above $57ish.

Apple (NASDAQ:AAPL) hasn’t impressed lately. Take some trades here and there. It needs to stay above $418-420 to keep any interest at all.

Yahoo! (NASDAQ:YHOO) is up a bit as it buys Tumblr, a deal which is receiving widespread praise. It continues to be a nice spot to be this year.

MercadoLibre (NASDAQ:MELI) finally triggered for some Friday above $124.

LinkedIn (NASDAQ:LNKD) is still trying to repair its chart. It needs to stay above $179 for the possible chance for another trade above $185ish.

Facebook (NYSE:FB) has lagged big time and is off most trader's radar. It needs to get above $27.50 with some force to change that.

Some set-ups that look poised to break out on an intermediate-term basis:

Stanley Black & Decker (NYSE:SWK) has a wedge pattern developed for more than a year. The big level is $82 and the stock looks ready for a breakout.

Praxair (NYSE:PX) broke above the downtrend trend line that started in April 2012 and is flagging above all key moving averages. It showed some relative strength Friday. Above $115.46 we could see a move back to $117 from April’s pivot highs and higher prices after that. The stock has a macro uptrend support since August 2011. The company engages in the production, distribution, and sale of atmospheric and process gases, and surface coatings in North America, Europe, South America, and Asia. Praxair has a market cap of $33.5 billion and is part of the basic materials sector and chemicals industry.

Corning (NYSE:GLW) the first entry was on 4/24 when it broke above the downward trend line that has been controlled the stock since August 2011. GLW saw a nice move since as it gained 18% within one month, and looks like it’s setting up to give us an additional entry above $15.66 which is the key resistance from November 2011’s pivot highs. The stock also saw relative strength on Friday.

FMC Corp (NYSE:FMC) has been grinding higher after finding some support at the 200-day MA in April. It’s currently flagging above the 8-day after seeing a nice micro breakout move on 5/14. FMC looks like it’s setting up for another breakout above $63.15.

Precision Castparts (NYSE:PCP) saw a nice gap up from earnings and flagging nicely above all key moving averages. If it gets above $213, it could trigger the next round of buying. PCP is a Fortune 500 company that is headquartered in Portland, Oregon and manufactures metal products and components for the general industrial, power and aerospace markets.

Oil Servicers ETF (NYSE:OIH) has a big level at $45 on the weekly chart. A move through this level with some volume could add some power to its recent rally as $45 marks a macro breakout level.

Anadarko Petroleum (NYSE:APC) also has a year-long wedge pattern. The stock resumed well after the most recent pullback and looks poised for a breakout above $89.70.

Marathon Oil (NYSE:MRO) is pushing into a major resistance level at $35.86 area. There is a macro wedge pattern that has been developing in this stock since 2011. It might make more sense to lean toward short-side for now as the stock just saw a big straight-up move since 4/22 but on a longer-term basis, MRO looks like it’s setting up for a macro breakout above $35.86-36.

ConocoPhillips (NYSE:COP) broke out of the ascending channel recently and is flagging nicely above the 8-day. It could see some continuation above $63.14.

Lululemon (NASDAQ:LULU) is worth a look if it can get above $81.77.

Chipotle (NYSE:CMG) also looks okay but needs to clear $377.

Metals continue to take it on the chin and have been in broken trends for months. Silver (NYSE:SLV) in particular has been getting hammered since futures opened last night. Pivots have been important here as well. Intermediate guys could have made adjustments in the Gold (NYSE:GLD) around $161, then macro guys around $148.50 and now we are back near reactionary lows of $130. Next big support is $124-127, which we mentioned many times as a spot it can get to in since the macro break.

Big Ben speaks on Wednesday, which will be the focus of the week.

I will look to create cash flow like everyone else, so lets try and put together a nice week before Memorial Day.

*DISCLOSURES: Scott Redler is flat

Morning Call Express: S&P 500 Has 1700 on the Horizon

Scott Redler, Chief Strategic Officer of T3Live.com, and Brittany Umar talk about how the S&P 500's "Road to 1700" could take place sooner than Redler originally expected, discuss what effect Fed Chairman Ben Bernanke could have on the market when he gives congressional testimony on Wednesday, and quick look at the chart of Yahoo! (NASDAQ:YHOO), now that the Internet giant has confirmed that it will acquire Tumblr for $1.1 billion.

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

The Week Ahead - May 20, 2013

Earnings after the close - INTU, NTA

Strong May Market Flipping Old Trading Adage on Its Head

The old trading adage "sell in May and go away" is being flipped on its head this month, and the rally shows no signs of abating. Many traders sit on the sidelines on options expiration Fridays, but not even even that could slow down this market today.

While many stocks rested and perhaps saw some "pinning" action today, there were also a lot of impressive upper-level moves.

The banks, which were a focus early in the week in the Morning Call, Price Point Sheet and Off the Charts, were strong today, led by JP Morgan (NYSE:JPM) as most expect Jamie Dimon to retain his dual CEO and Chairman roles with the company after a protracted battle with the board. Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) were also strong within the group today.

Within the financial sector, the credit cards were also strong as they continue to grind higher. Visa (NYSE:V) and MasterCard (NYSE:MA) both finished the day up around 2.6%.

Tesla (NASDAQ:TSLA) rested after a volatile, and fruitful week, but Elon Musk's other public venture, Solar City (NASDAQ:SCTY) exploded to all-time highs once again after announcing a $500 financing deal with Goldman Sachs, the largest such financing deal for a solar installation in US history. SCTY finished the day up 25%, and still has very substantial short interest.

ExOne (NASDAQ:XONE) is my favorite 3-D printing stock because of its industrial and manufacturing applications, but the company delivered a week earnings report earlier in the week and sold off sharply. Yesterday's downside acceleration, though, proved to be a buying opportunity as the stock bounced 7.35%.

Big cap tech was quiet today with Google (NASDAQ:GOOG) and Apple (NASDAQ:AAPL) hovering near the flat line most of the day.

Traders like to see stocks put in tight consolidations after earnings for potential add-on buy set-ups. MercadoLibre (NASDAQ:MELI) provided that secondary breakout today, and perhaps one to watch for a similar move next week is Yelp! (NASDAQ:YELP).

Within retail, Under Armour (NYSE:UA) tacked on another impressive day, while Lululemon (NASDAQ:LULU) looks like it could be poised for a breakout next week.

Shallow pullbacks have been buyable so far this year, and just when many pundits thought a rest might be in the cards, the rally has actually accelerated to the upside. The trend is your friend, so continue to rotate through the most bullish chart set-ups until there is a real composure change.

*DISCLOSURES: No relevant positions

Upgrades, Downgrades, Headlines - May 17, 2013

UPGRADES

General Motors (NYSE:GM) upgraded to Buy from Underperform at CLSA

CLSA upgraded General Motors two notches to Buy from Underperform and raised its price target for shares to $40 from $31. The firm is positive on GM's product cycle in the U.S. and its turnaround in Europe

DOWNGRADES

Applied Materials (NASDAQ:AMAT) downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded Applied Materials due to valuation

Disney (NYSE:DIS) downgraded to Neutral from Overweight at Atlantic Equities

Atlantic Equities downgraded Disney due to valuation. Price target is $74.

Deere (NYSE:DE) downgraded to Sell from Neutral at Goldman

Goldman expects a decline in U.S. ag equipment capex due to rising crop inventories and notes high U.S. dealer inventories above historical levels. As a result, the firm expects Deere earnings to be below consensus and downgraded shares to Sell and lowered its price target to $85 from $98

NEW COVERAGE

Pandora (NYSE:P)  initiated with a Sell at MKM Partners

MKM Partners Target $10

Regeneron (NASDAQ:REGN) initiated with a Neutral at UBS

Target $290

HEADLINES

JC Penney (NYSE:JCP) will hold its shareholder meeting at 11 a.m. ET in Plano, Texas. The company delivered bottom line results that missed analysts' estimates. JCP lost $348M during FQ4, for an adjusted per share loss of $1.31, worse than the Street expected. Revenues and same-store sales fell 16% and 17% respectively, in line with preliminary results announced earlier this month.

Dell (NASDAQ:DELL) delivers mixed reports. Sales for the first fiscal quarter came in higher than Wall Street had expected — though in line with an unusual set of leaks to the news media earlier this week that forced Dell DELL move up its earnings report by three days. Operating earnings plunged by 73% for the quarter, and the company did not give a forecast, citing its pending deal to go private that has sparked opposition from some large shareholders.

Autodesk (NASDAQ:ADSK) reported earnings and revenue that missed analysts' expectations. The company blamed a "mixed global economy" and a "weak April" for the FQ1 miss. FQ2 guidance is for revenue of $550M-$570M and EPS $0.39-$0.44, below a consensus of $597.5M and $0.51. Revenue is now expected to grow ~3% in FY14, below analysts' 5.9% projection

Nordstrom (NYSE:JWN) reported quarterly results that missed across the board Thursday evening as Q1 EPS of $0.73 and revenue of $2.7B both fell short of the Street's expectations. Net earnings fell 2.7% Y/Y as higher input costs masked slightly better revenue and the company cut its FY14 total sales and same-store sales guidance ranges by half a percentage point each, saying it now expects 4% to 6% growth, and 3% to 5% growth, respectively. For the current period, it projects its EPS to grow by more than 7%, or around $0.86, just below the $0.87 projected by analysts.

The British parliament will call Amazon (NASDAQ:AMZN) back to testify before the Public Affairs Committee to explain how it justified paying just $9M in income tax on some $23B in sales to British customers over the past six years, Reuters said Friday, citing lawmakers. The company claims it should only pay tax in Luxembourg as it operates a single business in Europe from there, rather than multiple independent subsidiaries across the region. Reuters suggests this is a mischaracterization.

Q&A Daily Recap with Scott Redler and Brittany Umar

The rally paused in today's session as the S&P digested the most recent gains. Traders were almost alarmed to see red in their screens after nine out of 10 winning sessions, but ultimately it was just an inside day for S&P. Today definitely did no real damage to the intermediate-term trend. The S&P finished the day down 0.50%, the Dow dropped 0.28% and the Nasdaq shed 0.18%.

The action seemed a little different as the afternoon pullback did not result in a bounce into the close. Traders have been clamoring for a pull-back, or at least a rest, so digestion would be key at this stage in the rally to allow the short-term moving averages to catch-up. Tomorrow is options expiration so the action could be choppy.

Half-Time Report: May 16, 2013

Steve Levay, contributor to the T3Live Virtual Trading Floor and head trainer in the Momentum Trader mentoring room, brings you the T3Live half-time report, where he discusses the most in-play stocks for the day.

If you are looking for more hands-on education, take a free trial to one of our private mentoring rooms.

*DISCLOSURES: Steve Levay is short SCTY.

Upgrades, Downgrades, Headlines - May 16, 2013

Upgrades

Google upgraded at RW Baird

GOOG price target raised to $1,025 from $830 at RW Baird RW Baird raised its price target for Google shares to $1,025 following the company's I/O conference and keeps an Outperform rating on the name. Baird thinks Chrome continues to gain momentum and that yesterday's event highlighted Google's technology advantages. Shares of Google closed yesterday up $28.79 to $915.89, and are indicated up another $5.66 in pre-market trading

Vipshop (VIPS) upgraded at Oppenheimer

Price target raised to $35 from $30 at Oppenheimer. Oppenheimer increased its price target on Vipshop after the company delivered beat and raise results. The firm maintains an Outperform rating.

Youku Tudou upgraded to Hold from Sell at Maxim
Maxim upgraded Youku Tudou to Hold citing improving growth following the company's Q1 results.

Palo Alto upgraded at Morgan Stanley
As previously reported, Morgan Stanley upgraded Palo Alto to Overweight from Equal Weight. The analyst said Palo Alto is benefiting from security spending for Next Gen Firewalls and can sustain 35%+ revenue growth. Price target is $65.

Ford upgraded to Buy from Hold at Craig-Hallum
Craig-Hallum upgraded Ford following checks that indicate European production has bottomed, which removes an overhang. The firm believes investors will focus on strong North American results and an improved balance sheet. Price target raised to $18 from $15.

Constellation Brands upgraded to Strong Buy from Buy at ISI Group
ISI Group upgraded Constellation Brands to reflect strong normalized earnings power. Price target is $60. Note that Stifel also upgraded shares this morning.

SunPower upgraded at Cowen
As previously reported, Cowen upgraded SunPower to Outperform from Neutral. The firm upgraded shares following the analyst day citing above Street guidance, strong technology pipeline, and visibility.

Yelp initiated with an Outperform at Cowen

eBay initiated with a Buy at Lazard Capital
Target $65.

Amazon.com initiated with a Buy at Lazard Capital
Target $310.

Downgrades

Chesapeake downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Chesapeake citing valuation and a lack of catalysts

AMD downgraded to Sell from Neutral at Goldman
Goldman downgraded AMD due to high expectations and continued disappointing results in the PC segment. Price target is $2.50.

Stratasys downgraded to Underperform from Market Perform at William Blair
William Blair downgraded both 3D Systems (DDD) and Stratasys (SSYS) to Underperform citing valuations and unreasonable growth expectations.

3D Systems downgraded to Underperform from Market Perform at William Blair
William Blair downgraded both 3D Systems (DDD) and Stratasys (SSYS) to Underperform citing valuations and unreasonable growth expectations.

SodaStream downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded SodaStream citing valuation and raised its price target for shares to $68 from $56.

Headlines

Cisco jumped 8.5% to $23.02 in heavy trading volume after Cisco reported adjusted third-fiscal-quarter earnings of 51 cents a share on revenue of $12.22 billion. The firm was forecast to post earnings of 49 cents a share on revenue of $12.18 billion, according to analysts surveyed by FactSet.

Tesla Motor Inc. shares TSLA continued on an upward trajectory, rising 5.2% to $89.23 on heavy volume, after a regulatory filing said that Chief Executive and Co-Founder Elon Musk was buying $100 million of the electric-car maker’s stock in a secondary offering and the company is paying back a Department of Energy loan ahead of schedule. Shares gained 1.9% to close at $84.84; they’re up 57% this month.

Upgrades, Downgrades, Headlines - May 16, 2013

UPGRADES

Google upgraded at RW Baird

GOOG price target raised to $1,025 from $830 at RW Baird RW Baird raised its price target for Google shares to $1,025 following the company's I/O conference and keeps an Outperform rating on the name. Baird thinks Chrome continues to gain momentum and that yesterday's event highlighted Google's technology advantages. Shares of Google closed yesterday up $28.79 to $915.89, and are indicated up another $5.66 in pre-market trading

Vipshop (VIPS) upgraded at Oppenheimer

Price target raised to $35 from $30 at Oppenheimer. Oppenheimer increased its price target on Vipshop after the company delivered beat and raise results. The firm maintains an Outperform rating.

Youku Tudou upgraded to Hold from Sell at Maxim
Maxim upgraded Youku Tudou to Hold citing improving growth following the company's Q1 results.

Palo Alto upgraded at Morgan Stanley
As previously reported, Morgan Stanley upgraded Palo Alto to Overweight from Equal Weight. The analyst said Palo Alto is benefiting from security spending for Next Gen Firewalls and can sustain 35%+ revenue growth. Price target is $65.

Ford upgraded to Buy from Hold at Craig-Hallum
Craig-Hallum upgraded Ford following checks that indicate European production has bottomed, which removes an overhang. The firm believes investors will focus on strong North American results and an improved balance sheet. Price target raised to $18 from $15.

Constellation Brands upgraded to Strong Buy from Buy at ISI Group
ISI Group upgraded Constellation Brands to reflect strong normalized earnings power. Price target is $60. Note that Stifel also upgraded shares this morning.

SunPower upgraded at Cowen
As previously reported, Cowen upgraded SunPower to Outperform from Neutral. The firm upgraded shares following the analyst day citing above Street guidance, strong technology pipeline, and visibility.

Yelp initiated with an Outperform at Cowen

eBay initiated with a Buy at Lazard Capital
Target $65.

Amazon.com initiated with a Buy at Lazard Capital
Target $310.

DOWNGRADES

Chesapeake downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Chesapeake citing valuation and a lack of catalysts

AMD downgraded to Sell from Neutral at Goldman
Goldman downgraded AMD due to high expectations and continued disappointing results in the PC segment. Price target is $2.50.

Stratasys downgraded to Underperform from Market Perform at William Blair
William Blair downgraded both 3D Systems (DDD) and Stratasys (SSYS) to Underperform citing valuations and unreasonable growth expectations.

3D Systems downgraded to Underperform from Market Perform at William Blair
William Blair downgraded both 3D Systems (DDD) and Stratasys (SSYS) to Underperform citing valuations and unreasonable growth expectations.

SodaStream downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded SodaStream citing valuation and raised its price target for shares to $68 from $56.

HEADLINES

Cisco jumped 8.5% to $23.02 in heavy trading volume after Cisco reported adjusted third-fiscal-quarter earnings of 51 cents a share on revenue of $12.22 billion. The firm was forecast to post earnings of 49 cents a share on revenue of $12.18 billion, according to analysts surveyed by FactSet.

Tesla Motor Inc. shares TSLA continued on an upward trajectory, rising 5.2% to $89.23 on heavy volume, after a regulatory filing said that Chief Executive and Co-Founder Elon Musk was buying $100 million of the electric-car maker’s stock in a secondary offering and the company is paying back a Department of Energy loan ahead of schedule. Shares gained 1.9% to close at $84.84; they’re up 57% this month.