AAPL Stock Hits Another High as the NASDAQ Sees Heavier Volume Selling
Selling pressure hits the market, but the Dow notches its 8th straight day of gains thanks to a strong performance from DIS stock. DIS posted strong earnings after yesterday’s close boosting shares. Today’s focus was on the performance of CSCO’s earnings report. At the end of the day sellers had pushed the NASDAQ and the S&P 500 into distribution territory. Although the price decline wasn’t severe volume did jump 6% showing institutions were active in today’s market. The NASDAQ was able to find support at the day’s lows just before 3pm, but was just unable to recapture the days mid point. Leadership was able to separate themselves from the pack a good sign, but now the market is faced with 4 days of distribution on the NASDAQ.
The NASDAQ and NYSE Composite both sport 4 days worth of distribution. Despite the efforts out of BIDU stock, AAPL stock, and NFLX stock the index was unable to avoid the selling pressure. After reporting earnings CSCO stock is down more than 9.5% in after-hours trading. The stock had done well since its last earnings report recovering most of its losses, but now is retesting its 50 day moving average. CSCO stock does make up a good portion of the NASDAQ and will be drag on the index, but it is far from a leading stock. Look to see how the market reacts to its selling tomorrow, if we can see the overall market ignore the CSCO stock the better this market will be.
In other after-hours trading news, AKAM posted disappointing results. AKAM stock is down more than 11% in after-hours trading, but its recent action had suggested the stock was under selling pressure. On a brighter note WFMI stock posted better than expected results and the stock is up better than 7% in after-hours trading. Perhaps this market is beginning to separate the men from the boys. It is best to focus on the strongest acting stocks and ignore laggards like CSCO stock and AKAM stock. If you want to see the leading stocks, join Big Wave Trading!
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