It was just another day at the office for this market as we saw the Dow Jones Industrial Average strike another all-time high yesterday. NYSE volume edged slightly higher with NASDAQ lower. AAPL’s jump in after-hours trading will certainly aid the indexes as well as NASDAQ volume today. The is likely to open at or near all-time highs during today’s trading session. Most will want to see whether the stock will be able to maintain its high or face sellers like we saw with AMZN. It is anyone’s best guess and we will sit back and wait to see how it all unfolds. We are not in the guessing game. As much as we’d love to see a correction this market is just plain resilient. There are some pockets of weakness, but for the most part we are holding up maintaining this uptrend.
Today’s market will certainly be driven by AAPL and how it trades today. Volume will be huge and you can bet the NASDAQ overall volume will be higher than Tuesday and Monday. How do other stocks tied to AAPL fair? Does AAPL go the way of NFLX or AMZN? Questions to be answered with today’s trading session. AAPL has been performing well albeit with a consolidation period here. June was a tough month, but since December of last year the stock has been on a tear. It is up near 40%. Not a bad run for such a large stock. AAPL is such a large component of the market it impacts how indexes trade. Keep an eye on it throughout the day.
We continue to see new longs pop up on our radar even though it is summer time. This is not a bearish signal. Of course, massive failures and heavy volume turnover on the indexes would change our tune. However, for the most part we are chugging along with this uptrend. At some point, it will end and we’ll be in cash or even short. Speaking of shorts, TSLA reports earnings after the bell today. Not that we do not think Musk is a genius, but the stock has been acting terrible Since June. Perhaps with a better than expected earnings report the stock can right the ship. If not, it may be tough sledding for the stock.
Steady as she goes. We hope you have a great Wednesday! Good luck with your trading.
