Google joined Apple as tech leaders ran today, but everything folded in the last 15 minutes. AAPL went from 249.70 to a 246.76 close. I still haven't entered a position, but seeing the price drop didn't make me feel any better. Shares ran from Friday morning's low above 231 to today's high above 250. An 8.2% run has to get pared down at some point.
AAPL has a lot of positive news coming in the next two weeks, but Morgan Stanley added fuel anyway and raised its target to 310.
GOOG closed at 472 on Friday and opened at 480 today. Ran to 489 before closing at 480.95. It's always interesting when analysts jump on board on a Monday. The FTC's approval of Google's purchase of AdMob is a game changer, but Apple is going to enter mobile advertising at full throttle. It's a win-win for Google and Apple there.
Those last 15 minutes, though, make the near term quite unattractive. Volume today was low (26.8 million shares for AAPL compared to 43.7 mil on Friday). Maybe 246 is a decent entry point for AAPL traders, but again, I'll punt for now and watch a little more.
AAPL's strength is unmatched when traders see light, leaving QQQQ and QID in the dust
2-day chart (1-minute bars)
GOOG had a great move today, but derailed toward the close
1-day (1-minute bars)
Bears (QID) still rule in tech despite AAPL, GOOG
5-day (15-minute bars)
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