Italian Bond Yields Surge, Futures Fight to Reclaim Pre-Market Losses

Scott Redler |

Gold is making a comeback as a safe-haven investment after feeling heavy over the last two months. New bailouts and inflationary central banking policies have resuscitated the precious metal, which is sharply in the pre-market.


Last week the market suffered two distribution days, giving this powerful new uptrend its first setback. The Indices and most stocks took it in stride, considering the distance that most stocks have traveled from the October 4th lows. We held the 38.2% retracement level, giving us a new point of reference to trade against. This changed the speed of the rally but didn’t derail it! This week is very important. Can we hold last week’s important technical levels? Can we continue to see constructive action with some of the markets leaders?

Traders will be looking to keep it simple and limit risk. If you are going to be long stocks, you should have hedges on with the potentially explosive headlines out of Italy, whose economy dwarfes Greece. This is a very dangerous environment that even the professionals don’t understand completely.

There is Short term micro support in the S&P at 1235, which was tested in the pre-market early this morning. Big Support that held last week was the 1215-1218 area. The more Macro line in the sand is 1185-1195. Resistance sits at 1260-1265 and then 1273.

Watch these three stocks for clues to market direction:

Apple (AAPL) is in a box. A close below $390-393 and tech could be in trouble. Above $409-$410 would be a healthy boost.

Google (GOOG) is still above its earnings gap. A close below $578-580 and this also will weigh down tech, but above $600-603 would be very positive for tech.

Goldman Sachs (GS) can be used as a proxy for banks. A break and close below $100-102 will not be good for that sector.

*DISCLOSURES: Scott Redler is long AAPL, GOOG, X, LVS, JPM. Short SPY.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
MKCV McCormick & Co. Inc. n/a n/a n/a 0 Trade
AAPL Apple Inc. 173.77 -4.07 -2.29 20,307,908 Trade
LVS Las Vegas Sands Corp. 74.41 -0.01 -0.01 1,079,888 Trade
JPM JP Morgan Chase 111.27 1.95 1.78 9,565,538 Trade
GS The Goldman Sachs Group Inc. 253.79 -0.21 -0.08 2,310,401 Trade
GOOG Alphabet Inc. 1,077.92 5.84 0.54 887,718 Trade
X United States Steel Corp. 37.19 -0.31 -0.83 8,118,800 Trade


Emerging Growth

Singlepoint Inc

SinglePoint Inc is a mobile technology company engaged in mobile payments, mobile giving, and mobile bidding. It operates mobile commerce and communications platform to accept mobile credit card payments.

Private Markets

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…


Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…