Stocks stage weak attempt at rebound, but remain above key support levels
Following up nasty selling the market rebounds in weak trade. AAPL stock tried to gather some traction as Steve Jobs revealed the new iPad. ORCL stock tried to regain its 50 day moving average, but volume remained on the low side. Buyers pushed the market higher in early morning trading, but ran into headwinds throughout the day. Crude oil once again took off, but the market appeared to ignore the jump in crude oil prices. Sellers hit the market at the close, but the major market averages were able to close in the green. A weak attempt at support today, we’ll need to see more from this market to turn higher.
Steve Jobs surprised folks at AAPL’s event releasing the details on the much anticipating update to the iPad dubbed “iPad2.” The stock got a jolt from his mere appearance, but that is no way to handle a stock. Great news he was able to make the event and is a testament to his fortitude battling cancer. However, as Warren Buffett pointed out this morning DIS stock was able to survive WELL AFTER Walt Disney’s passing. Do not take this as a vote of confidence for the stock, but I am highlighting does and don’ts to stock market trading. AAPL stock has been under pressure and in the past we have seen the stock move lower, but the stock finds support. For now, selling pressure far outweighs buying pressure.
We are building towards Friday’s jobs report and it will be the most important report! If you didn’t catch the sarcasm, the last statement was overflowing with sarcasm. Too much is made of the report as the government plays with the figures. The government adjusts the number for their birth/death rate and excludes those who “give-up” looking for a job. It isn’t a true unemployment figure and why it really should be ignored. If you want a real picture of unemployment head over to Shadow Government Statistics. Remember; do not trade off this information, use price and volume and always cut your losses.
