We may have seen Apple hit a double-top from May's high of $151, which we hit again today. With a week of earnings, including Apple's earnings on 28th, it could go anywhere. According to their guidance they expected a slowdown, lets see how this plays out for their price.
Per economic data, it fully supports a sell off but these big cap names is what is keeping the markets looking nice even though other stocks are down 90% like Carvana. The market doesn't really reflect the true state of the economy, because if it did, markets would be slashed in half.
Consumer sentiment, PPI, CPI, jobless claims are all worse than expected, but they like to act like we've hit bottom after a 14-year bull market rally.
MACD on the monthly is still very bearish. RSI has room to fall. But, lets see. Today, good news is good, bad news is good and in the face of $90 billion in buy-back from Apple, we can see Apple unrealistically going up.
Per economic data, it fully supports a sell off but these big cap names is what is keeping the markets looking nice even though other stocks are down 90% like Carvana. The market doesn't really reflect the true state of the economy, because if it did, markets would be slashed in half.
Consumer sentiment, PPI, CPI, jobless claims are all worse than expected, but they like to act like we've hit bottom after a 14-year bull market rally.
MACD on the monthly is still very bearish. RSI has room to fall. But, lets see. Today, good news is good, bad news is good and in the face of $90 billion in buy-back from Apple, we can see Apple unrealistically going up.
Comment:
It broke the channel... I am not quite sure why. All the economic data release since essentially February has been just horrible. Since the Fed is not pumping QE and retail investors are sellers, this makes me believe the the price of Apple among most of the stocks are being pushed up by heavy Stock Buy Back Programs like Apple's $90 billion program. This is what you see when a market is completely disconnected from the economy and reality altogether. A company like Apple which relies on retail rallies while retail is in a downtrend. Upside down logic.
