Good afternoon folks. After a big slip yesterday, the market hit the brakes on the bears today with all of the indexes closing in positive territory. The S&P closed +.37%, the Nasdaq +.73% and the Dow +.27%. After several days of explosive political events, it is kind of nice to not have any new nuttiness rock the market. But, they day is not over stay tuned.
Let’s go ahead and dive right on in to tonight’s signal, Apple.
AAPL recovered much of its losses yesterday as it rebounded for a gain of 1.73% after testing support near $150. This point could be looked at as a bullish fulcrum but it may be too soon to tell just yet. What we do know is that AAPL has been freakishly strong with tons of folks jumping in after AAPL disclosed it was sitting on over $200 BILLION dollars in the cash. Now that will buy you lots of watches and phones. We’ll see if the next round of buying is coming into play, but if anyone has been a bear on AAPL lately, they are more than likely out of the game by now.
This signal was fired by out good friend, GroupTrader. GroupTrader has made more appearances on SW this week than ever before, and the signals thus far have been really good. Once again, GroupTrader finds the most correlated industry groups in the market and then isolates the most confirmed move in the entire group. In this case, we have AAPL outshining the rest of the tech group. If you’re interested in reading more about GT3, you are welcome to do so here!
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