Premarket: Apple was green, turned red

apple premarket green 6-28-21From the Wall Street Journal’s “Stock Futures Waver After S&P 500 Record" posted early Monday:

U.S. stock futures wavered Monday, suggesting major indexes will hover close to record highs after the S&P 500 posted its biggest weekly advance since February.

Futures for the broad market gauge, which closed Friday at its 31st all-time high of the year, drifted between muted gains and losses. Contracts on the Dow Jones Industrial Average edged 0.1% lower. Futures for the Nasdaq-100 ticked up 0.2%, pointing to modest gains for technology stocks.

Shares have marched higher since mid May, boosted by a robust economic recovery, the prospect of further fiscal stimulus and low bond yields that prompted investors to snap up stocks. Some investors are nonetheless concerned the market could hit a rough patch amid signs that growth has peaked as well as jitters over the outlook for inflationand monetary policy.

“This recovery still has a long way to go and there is still strong growth,” said Frank Øland, chief strategist at Danske Bank. “But of course you’re probably past the peak growth momentum in the U.S., so data will begin to look less impressive, and that could be a concern.”

My take: Apple shares gained about $12 during the June quarter that ended Saturday, but they're still $12 below their January high.

12 Comments

  1. Fred Stein said:
    A recent Tipranks article suggests AAPL has become a defensive play.

    While $500B in buybacks over the next five years supports this, the real value is 5 years of growth which will be quite nice.

    2
    June 28, 2021
  2. David Emery said:
    Turned sharply up at the open, up $1.48 at 9:47 🙂

    0
    June 28, 2021
    • Gregg Thurman said:
      AAPL gapped up at the Open. It wasn’t much but it’s something we haven’t seen much of in the last 5 months.

      My order is not going to be filled at these levels so I cancelled it. Now I wait, hoping for a “gap and crap” response. It it happens it usual does so by 11:30 eastern.

      This is dangerous for a short term trader, because after a gap up there’s no telling what is going to happen from here.

      0
      June 28, 2021

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