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%.

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