Apple: Stellar Performance Sets the Stage for Market Rally
2024.05.03 03:27
How shall I put this? Let’s see: Apple (NASDAQ:) has delivered everything the bulls want on a silver platter. If the market doesn’t go raging to new highs today, you can forget about it, because AAPL only gets to report once and, at the moment, with very bull-friendly results.
In turn, the futures in a matter of hours vomited 700 points higher. It’s all up to the (fake) jobs report in the morning to establish follow-through (or not). Keep in mind, the fake unemployment number is 3.8%, and the reality is just under 25%.
What’s most fascinating to me is that even while Tim Cook is distracting people’s attention away from the glorious hole of corporate debt, the is still serving up a nice thick slab of overhead supply which has, thus far, kept prices hemmed in during the post-FOMC mayhem as well as the post-AAPL mayhem. Watch that zone!
The story is the same for the small caps which seem to have found a natural exhaustion point.
The all-important and much bigger market is exhibiting the same phenomenon as the /NQ, although the recent thrusts have been losing verve.
My closing chart is a devastatingly pathetic one, since it shows the volatility futures over the past few years. This guffaw-inducing travesty has sunk from 100 to barely pubescent, as it is threatening to go sub-teens again. I guess a world of uncertainty and problems no longer exists, eh, boys?
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.
I ended the day with six positions, five of them in the green and one in the red by 3.1%. If for whatever reason the market falters today, I’ll be going in with guns a’blazing. As it is now, I’m going to sit down and see how the jobs report informs the market’s next move.
