Wednesday 23 April 2014

Closing Brief

US indexes saw a day of price consolidation, sp -4pts @ 1875. The two leaders - Trans/R2K, settled +0.1% and -0.7% respectively. Near term outlook is for the broader upward trend to continue, at least into the FOMC announcement of next Wednesday.


sp'60min


Summary

*FB earnings were good, but market selling it lower, -5% @ $60
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A very quiet day, and surely a day of classic consolidation, after a climb (yes, based on low volume), from sp'1814 to 1884.

Bulls just need to clear 1885..and that opens the door to a new index high in the low 1900s...very viable next week.

Other than that...nothing to add...except...

AAPL earnings..due.. 4.30pm.

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4.13pm... FB turns green in AH, back to the $63s, but its a bit choppy. Overall though, the numbers were pretty good..at least on 'first look'.


4.32pm.. Great headline numbers from AAPL, $11.62 EPS for Q1.

How the market deals with that...remains to be seen. 
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4.35pm.. BIG news... AAPL stock split... 7 for 1 ....   lol...there will be a LOT more retail piling into this hugely undervalued stock now.

Waiting for the stock to re-list..at 4.45pm.


4.46pm... AAPL to the 560s...and headed to the monthly upside target of $600 in May.

Equity bears...facing a world of hurt tomorrow, urghh.


4.51pm.. AAPL  +8% @ 566...

Sp' looks set to open in the mid 1880s tomorrow, a weekly close in the 1900s..is now viable.


4.48pm.. The AAPL gains are holding, and that should set up the rest of the week.

AAPL, monthly...


Upside to $600 looks an easy target, now that key resistance of 550 is broken.
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more later...on the VIX