Futures Follow-Through to Downside Amid Taper Talk

small Red Dog Reversal at $470.67 yesterday as we talked about how it did look a bit extended from the short-term moving averages. It still looks good as it’s trying to build a base at the $462 area. Next bigger support / buyable spot is $457ish.

Netflix (NASDAQ:NFLX) held up well yesterday as it did sell off with the market in the morning, but held the recent pivot level of $250 and bounced. The stock closed well off of lows and posted 0.81% of gains showing relative strength. Look for potential upside follow-through above $257.60 if the market continues to hold.

Amazon (NASDAQ:AMZN) is hovering around its 21-day MA and put in a long bottoming tail after it held the upper support of $297 yesterday. A move through $302-303 could help it penetrate through the short-term downtrend since July 26.

Google (NASDAQ:GOOG) was on our radar yesterday for a move through $907.  It tried and failed and is a bit sloppy. I’m going to stay away until it starts acting better. Holding above $880 would be constructive, but a break below that level could add some pressure.

Baidu (NASDAQ:BIDU) has been acting better since early July and further re-energized after earnings. It has some support around $130ish with a major gap support around $120ish.

Facebook (NASDAQ:FB) has been super strong since earnings and could use a break. Yesterday’s low of $37.94 is a point of reference. The 8-day stands at $36.53ish.

LinkedIn (NASDAQ:LNKD) is building a nice flag above its earnings gap, with $228ish being the level to trade against. A move above $235ish could set it in motion.

VMWare (NYSE:VMW) is building a nice pattern above its earnings gap. The $83.50ish pivot is the level for action if it can power through it.

First Solar (NASDAQ:FSLR) came out with very weak earnings last night and is getting beat up. The $40ish pivot is some bigger support to watch.

Tesla (NASDAQ:TSLA) has been a great stock on all time frames. Earnings are after the close. It is priced for perfection so I’m going to wait until after the number to trade it.. I’m probably not doing an option strategy here like I did into earnings with GOOG, AAPL, FB, and LNKD. Historic highs for after hours is $146.

Bears have the ball a bit here, but if we close back above 1698-1702 it will be a very quick set of downs..

ScottRedlerScott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Invest.

Scott is currently the Chief Strategic Officer of T3 Live and is a Registered Associated Person of T3 Trading Group, LLC.

*DISCLOSURES: Scott Redler is long IBM puts and Short SPY.

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