Thursday, June 24, 2010

How 'bout them Apples

So far ...

• The jobs report was released at 8:30 am Eastern (2:30 Hawaii) and was relatively positive. AAPL, which had traded above 269, moved up to 270 and continued to move, lifting above 272 in premarket trading.

• After the opening bell, with the market down, AAPL opened at 271.12, sold down below 271, then racheted up. Shares hit 273.19 just seven minutes after the bell.

• AAPL then sold off quickly, down to 269.66 and was poised to join the rest of the market, which has shown overbought signs for a few days now.

• Since fluctuating in the 270.00-270.40 range, AAPL rose back up to 272. It seems like an even tussle between bulls and bears as AAPL moves along with the stochastics and MACD.

Though the Dow (-77), NASDAQ (-21) and S&P (-9.71) remain negative, AAPL's iPhone 4 release today, plus the customary live TV coverage of the hordes camping out at Apple Stores, seems to be working in its favor. Instead of a sell-on-the-event decline, AAPL is holding its ground to an extent.

I'm still willing to wait until AAPL sells off with the rest of the market. If I can re-enter a position below 260, fantastic. 250 would be better.

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