Friday, July 6, 2012

Dollar dollar bill y'all

The weekend is upon us after a strange week thanks to the 4th of July being on a Wednesday. AAPL roared higher, up to 614 yesterday, but is now at 603+ as the market pulls back. A lot of that is due to the LIBOR scandal, another bankster scam that has every stock on my Debt Spiral Dance list red. Deutsche Bank is under investigation, down 5.3% to 33.55 and near its low of the day. Soc Gen (SCGLY) is down 5.9%. It's going to be industry wide and FAZ is ripping higher for a second day in a row.

The US banksters aren't being hit as hard, but it's still a bloody mess: BAC -2.1%, C -2.4%, JPM -1.5%, MS -2.4%. The dollar (UUP) and euro ultra short (EUO) march higher, as does TVIX. Oddly, gold and silver are being bludgeoned along with financials. Most stocks are moving on miniscule volume today. Buyers have run from the market like it's a house on fire.

Taking precaution yesterday turned out to be good given that my sleeping hours overlap with the market. Holding AAPL from 95 or whatever would be different, but since I didn't do that, playing with AAPL at 600+ is turbulent to say the least. With the Dow (-161), Nasdaq (-49) and S&P (-16) down 1.2% to 1.9%, it's not the time to try and be a hero.

Thursday, July 5, 2012

No messing with Uncle Sam (updated)

Dollar is powering higher this morning, taking most stocks lower. AAPL was somewhat of an exception, off its premarket high (602.98). The skittish mood was enough to bump me out at 601.50 for a small profit (+8.60 or so). AAPL could hold this morning's gain, but after running the past few sessions, it's due for a minor drop.

Economy is doing a little better with this morning's strong payroll number, strong meaning better than expected. That's part of the reason why the QE bulls are tentative for the time being. I'll be getting some sleep.

Update 9:40 am HST: AAPL ran hot in the face of head winds in the market. While the Dow (-34) and Nasdaq (-3) were ragged, AAPL rose to 614+ as I slept. Now at 611.75. In hindsight, holding my position with a stop-loss at 600 or 599 would have done well. But I did sleep well.

Apple Inc earnings are on July 16. Coupled with the news late last week about the 7-inch iPad, the stock is doing its usual pre-earnings explosion. AAPL defies the market; FAZ is up 2.7%. TVIX up 2.2%. UUP (US dollar) up 1.3%. EUO up 3.5%.

Tuesday, July 3, 2012

Apple crunch?

Weird mix of good and bad news for AAPL as the market was generally flat in a low-volume, pre-holiday, half-day session. I got back in AAPL yesterday afterhours at slightly below 593. Shares hit 600 today and closed above 599. I'm holding the position over the holiday.

Whatever weirdness came out on AAPL, this just came out several minutes ago: a 7-inch iPad will be (reportedly) released this year. Good news? I own no iPad, no iPhone, not even an iPod. But this sounds good for AAPL longs.

Business Insider (via Bloomberg): Apple will launch smaller, cheaper iPad this year (July 3)

Monday, July 2, 2012

Apple turnover

In AAPL on Friday at 583.95. Out today at 591.50.

Woke up a few minutes ago to find the market generally flat on lower volume. AAPL has lower volume, too, but was up above 593 in the first half of the session. I almost forgot about that position. That's how deep into summer mode I am. But I locked in a decent gain, not interested in re-entering. The only possibility would be a catalyst late in the day, and AAPL would see another jolt of volume as it did early in the session.