Premarket: Apple was red, turned green

apple premarket red 7-12-22From the Wall Street Journal’s "Stock Futures Fall, Dollar Firms on Global Growth Concerns" posted early Tuesday:

U.S. stock futures fell, oil prices and bond yields slipped and the dollar strengthened on worries of a looming recession...

The dollar’s gains pushed the greenback close to parity with the euro. The common currency weakened 0.3% to trade at $1.0008, extending losses fueled by the eurozone’s energy crisis and broader economic travails. It last was worth less than $1 in 2002. The WSJ Dollar Index, which tracks the U.S. currency against a basket of others including the euro, added 0.2%...

Stocks have come under renewed pressure after recovering some lost ground last week. Investors say signs the U.S. economy is losing momentum, coupled with the Fed’s campaign to raise interest rates, could spell more pain for markets after a rough first half of the year. Adding to the challenges for money managers are China’s struggle to contain Covid-19 and the war in Ukraine.

“There is going to be a recession, but we’re not there yet,” said Philip Saunders, co-head of multiasset growth at Ninety One, an asset manager based in the U.K. and South Africa. “The key thing that is going on is that financial liquidity is retracting.”

Charts: Yahoo!Finance sees a bullish fast-stochastic pattern. Max pain sticks to $145 with the call mountain and put peak both also at $145.

apple premarket red 7-12-22

6 Comments

  1. Apple nearly reached $148.50 in mid-day trading, this is significant alone but against the poor performance of similar large cap stocks, stunning. MSFT announced a round of layoffs, usually a catalyst for a brief price increase. Apple does accomplish more with ~154k employees than perhaps bloated MSFT does with ~181k staff. Can’t wait to learn how many Softies get snapped up by Cupertino!

    “Consumers keep spending on their needs & desires.” – A. Daryani, in response to a question about iPhone 14 demand concerns the other day, maybe on CNBC.
    This has been the case all along, there’s always been a lower initial cost competing product around when I get involved in a decision to buy hardware. I see friends, family members and associates in New England, New Jersey, Florida and Maryland back working full-time and quickly spending that higher pay. Even my honey sales, kind of a luxury rather than a necessity, are now booming. Needs & desires…

    2
    July 12, 2022
    • David Emery said:
      “Can’t wait to learn how many Softies get snapped up by Cupertino!”

      On the one hand, software quality assurance is one of the few things in software where you can add more people. On the other hand, not quite sure I’d look to Microsoft for quality quality people 🙂 (That being said, MS software does seem to be better, it’s that huge bad codebase that is MS’s problem.)

      1
      July 13, 2022

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