Premarket: Apple is red

apple premarket green 6-10-21From the Wall Street Journal’s “U.S. Stock Futures Pause Ahead of Inflation Data” posted early Thursday:

U.S. stock futures wobbled Thursday ahead of data on consumer prices that will offer fresh insights about the pace of inflation as the economy emerges from the coronavirus pandemic.

Contracts for the technology-focused Nasdaq-100 slipped 0.2% Thursday.

The muted moves suggest stocks may extend a spell of listless trading at the opening bell. The major indexes have moved in a narrow range just below all-time highs in recent weeks. Investors are balancing optimism in the economic recovery against concerns about inflation and supply shortages, among other risks.

“As long as we’ve got cheap money, we’ve got a savings glut, not just in the West but in Asia. I think there is decent support for stocks,” said Jane Foley, head of foreign-exchange strategy at Rabobank. “I don’t imagine there is going to be a really serious downturn.”

My take: Three greens in a row may have been too much to hope for.

6 Comments

  1. Romeo A Esparrago Jr said:
    As everyone keeps saying. Apple is an ATM.
    Read yesterday’s “ Here’s Why ClearBridge Reduced its Apple (AAPL) Stake “ story by Jose Karlo Mari Tottoc :

    “ Maintaining our valuation discipline, we sharply reduced our position in Apple, whose shares more than doubled following our initial purchase in mid-2019 with an earnings multiple rising from the low-to-mid teens to nearly 30x. “

    ALMOST 30 TIMES
    If they purchased June 2019, AAPL was in the $49s. Now in the 127s.

    Guess Clearbridge had to make money sometime. Says they underperformed first quarter 2021.

    5
    June 10, 2021
    • Gregg Thurman said:
      Window dressing. Their AAPL investment offset losses. They now LOOK like they know what they are doing.

      Instead of selling their AAPL, they should have sold off their laggards and bought more AAPL. Doing so would have made the LOOK a reality.

      3
      June 10, 2021
      • Rodney Avilla said:
        “Window dressing”.
        Window dressing indeed. The problem is, window dressing is what get’s people inside the store. Which is why they won’t
        “sell off their laggards and bye more AAPL”.
        But we can (added some to my longterm savings yesterday).

        1
        June 10, 2021
  2. Gregg Thurman said:
    Since January (and long before actually) there’s been no correlation between pre-market trading and regular session trading.

    1
    June 10, 2021
  3. Jerry Doyle said:
    I’m not concern with with inflation. We need some inflation to better drive the economy forward. I’m not concern with an economic slow down. There is $10 trillion of global stimulus gurgling across the world’s economy and $5 trillion in personal savings consumers desire to spend. An economy is going to grow healthy in that economic environment. Apple is positioned nicely to benefit during such economic growth with its products and services offerings.

    3
    June 10, 2021

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