Premarket: Apple is red

From the Wall Street Journal’s “Stock Futures Wobble Ahead of Economic Data” posted early Thursday:

Stocks have ground upward this week, pushing both the S&P 500 and the Nasdaq Composite Index to all-time highs. Money managers say their focus is largely on comments expected from Federal Reserve officials on Friday that could offer cues on the central bank’s plans for tapering stimulus measures. Some investors are betting that the Fed may slow those plans if there are signs that the economic recovery is faltering.

Data on the U.S. economy’s growth in the second quarter and on the latest week’s jobless claims, seen as a proxy for layoffs, are both due at 8:30 a.m. ET. That data is likely to feed into policy makers’ view on the recovery, investors have said.

“Risk assets have done well this last week and as we go into the Fed event, there is some profit taking,” said Shaniel Ramjee, multiasset fund manager at Pictet Asset Management. “No one can honestly say they know what’s going to happen, this uncertainty will put some reduction on risk.”

My take: First solidly red premarket since last Friday. According to Yahoo! Finance, Apple is still in a bullish commodity channel index pattern.


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