Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

AAPL Disappoints.... Stock Market Holds Well....

Stock-Markets / Stock Markets 2015 Jul 23, 2015 - 12:41 PM GMT

By: Jack_Steiman

Stock-Markets

The market was looking forward to the earnings report from Apple Inc. (AAPL), the leader of all leaders. The anticipation was very high due to the news recently released from Google Inc. (GOOG), which was magnificent. Most thought AAPL would follow in their footsteps. The market was close to breaking out ahead of the report, but the big leader gave a small report for investors. A little shy this and not so great that, had the stock down at massive support at 119 last night after hours. It did hold there and start to push up a bit, which allowed for a big sigh of relief from the frothing bulls. A move below 119 on AAPL would open up a vein of selling to 114, and possibly further below. AAPL gapped down hard, roughly eight points, which gave the Nasdaq a major headache.


That said, the S&P 500 and other indexes were down much less. As the day wore on the market tried higher only to be rejected. That is, until the last half hour when it did rally decently off the lows. AAPL had a strong hollow candle although it still has major problems above in the form of moving averages and a strong gap down but it did print hollow while the market also closed well off the lows. A day the bulls will take hands down considering what AAPL had the potential to do the indexes today. I would consider this quite a bullish day overall. The bears got what they wanted but still failed to seize on a great opportunity. Earnings seem to be the place where they can do some damage and it was there for the taking today with AAPL's failure not to mention a big S&P 500lat from Microsoft Corporation (MSFT) as well. The market bent but definitely did not break today. Solid bullish action overall. The bulls still have a lot of hope that they'll get through S&P 500 2134 in time.

Froth took no time at all getting back on track. After a couple of weeks with the bull-bear spread slightly below 30% it blasted back last week, thus, yet another reading over 30% today with the actual number slightly over 33%. Not good but we're fairly used to this by now. Froth has been with us for the better part of the last eighty weeks. There was some hope with the all the choppy action we've been seeing that we'd finally get a strong, sustained move down but that was not meant to be for now. The bulls still very anxious to gobble up all moves lower. It seems it's going to take nothing short of a real Nasty bear for the bulls to give up their intense bullish behavior. If the market ever breaks out over 2134 with a bit of force it will take almost no time at all for the level to approach the unacceptable level of 40% once again. It never stays above that level for very long but for now we're at 33% which isn't good but not the deathly reading 40% can flash. The land of the froth is back in style.

There are broken areas of the market with the transports leading the way. Tomorrow morning we get the earnings report from railroad leader UUP. It's in a Nasty bear market thus hopefully things are depressed enough there that they can pull out a good report that will help the rails start to rock up thus bringing the transports with it. It can take only one stock to lead the masses out of the bear. The PowerShares DB US Dollar Bullish ETF (UUP) is the leader of leaders in that area so the bulls have their fingers crossed. We'll know the answer before the market opens up for trading in the morning. The semiconductors are also in the dog house but there's hope there this evening in the form of SanDisk Corp. (SNDK) and Texas Instruments Inc. (TXN). SNDK is another in a deep bear but it seems the market is liking their report this evening. TXN, another big cap leader in that area of the market is also up some this evening on their report. If those two can hold it can lift that sector out of its doldrums. SNDK is up quite a bit, almost 75 while TXN is up 1%. If they hold the gains over night and extend those gains tomorrow the bears will be very unhappy. Maybe the PowerShares DB US Dollar Bullish ETF (UUP) can add to the party.

We shall see as always.

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Sign up for a Free 15-Day Trial to SwingTradeOnline.com!

© 2015 SwingTradeOnline.com

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in