Premarket: Apple is red

apple premarket red 9-24-21From the Wall Street Journal’s “Stock Futures Weaken After Evergrande Payment Deadline Passes” posted early Friday:

U.S. stock futures wavered and bond yields ticked up to multi-month highs, as uncertainty lingered about the future of heavily indebted property giant China Evergrande Group.

Markets have been whipsawed this week by fears that the possible collapse of Evergrande could spill over into global markets and add to an already darkening outlook for global growth. Evergrande inched closer to a potential default Friday as a deadline on a key interest payment to its U.S. dollar bondholders passed without any announcement.

“It is one of the largest companies in the second largest economy in the world and if something pulls down Chinese growth it is going to pull down global growth,” said Seema Shah, chief strategist at Principal Global Investors.

My take: Yahoo! Finance still sees a Neutral “gap down” pattern for Apple and max pain is still stuck at $146.

2 Comments

  1. Gregg Thurman said:
    uncertainty lingered about the future of heavily indebted property giant China Evergrande Group.</I

    He’s up. He’s down. He’s up. He’s down.

    INFLATION
    It’s up. It’s down

    EMPLOYMENT
    It’s up. It’s down.

    UNEMPLOYMENT
    It’s up. It’s down.

    COVID CONCERNS
    It’s up. It’s down.

    MEDIA IGNORANCE
    It’s down. It’s down some more

    Despite what the media claims are insights the market behaves as it will, with little regard to headlines (those having Ben forgotten with the advent of the next news cycle.

    By the way, my historical daily trading chart says AAPL is going to trade essentially flat for the next month.

    2
    September 24, 2021
    • John Konopka said:
      Earnings should be announced in about a month.

      0
      September 24, 2021

Leave a Reply