Apple Sours As Cook Gets Grilled, Metals No Fun Either

Banks are getting a little choppy up here as they can use a nice rest.  Last week, Goldman Sachs (GS), JPMorgan (JPM), Bank of America (BAC), and Morgan Stanley (MS) were all in focus for fresh long positions.  At this point, they're all moving higher again but sharply extended.

In technology, Priceline (PCLN) was upgraded yesterday and extended again.  I would not buy up here as it’s very extended.  Shorts have been crushed here.  The stock is modestly lower just before noon.   Same story at Google (GOOG), which tried to break above $919 but ran out of gas.  It needs to hold $900 in order to keep the upper range intact.  The 8-day is at $893.

Netflix (NFLX), after a monster move since earnings, has rested for four sessions.  Support sits at $235, which some traders could use as a stop.

Apple (AAPL) woke up yesterday, but is lower now as Tim Cook takes a grilling on Apple's tax avoidance practices on Capitol Hill.  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 head and shoulders pattern with another buy around $446.

Amazon (AMZN) is up a bit this morning after a nice move.  If it can hold above $263, it could be time to buy more.

maybe it could try again.

Yahoo! (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.

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?

The Gold ETF (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 (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 (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.

As a one of trade to take note of, Tesla (NASDAQ:TSLA) 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.