AAPL sets a new all-time record as stocks move higher behind solid volume. After stumbling after the open buyers were able to push stock prices higher. Volume expanded on the session as buyers were willing to step up and support higher prices. A good sign to see volume expand with the market hitting higher prices. We continue to remain above the 50 day moving averages for the major market indexes. It is important to see the major indexes to remain above its 50 day moving average. Despite still remaining within a longer consolidation we still remain in position to push into new high territories.
AAPL’s move today sets a record for the most valued company ever recorded on a closing basis. It should not come as a surprise to many, but the stock has finally broken the record. Aside from the record volume was above average in a show by institutions they were supporting the stock as it hit an all-time valuation. As AAPL goes you can almost count on the NASDAQ following suit.
This market is in position to push into new high territory. Whether or not we think it should be at these levels is a different story. We can make valid arguments for either direction. However, at the end of the day all that matters is price. Price does not care how any one person feels about the market. It will simply move to cause the maximum amount of pain to as many people as possible.
Stick with the process and cut those losses short.
