Premarket: Apple is red

apple premarket red 11-21-22From CNBC's "Stock futures fall to start holiday shortened trading week; Disney jumps on CEO change" posted early Monday:

Stock futures fell Monday ahead of another batch of retail earnings to kick off a shortened week for the Thanksgiving holiday...

Disney bucked the negative trend, however, rising more than 8% after the media giant announced that Bob Iger would return as CEO, effective immediately.

Investors have been reflecting on the strength of a recent bear market rally, which kicked off earlier in the month with the October consumer price index reading and gained some steam with last week’s reading on wholesale prices. Traders last week were hung up on messaging from Federal Reserve officials, who were less impressed with the figures and reassessed their optimism around the possibility of slowing inflation.

Ed Yardeni of Yardeni Research said that in his view, the Oct. 12 low was the bottom and the S&P 500 could rise to near 4,300 by the end of the year, he told CNBC on “Closing Bell: Overtime” Friday night. The benchmark index currently sits at 3,965.34.

“What’s making the big difference in the market is the resilience of the economy, it’s been spectacular,” he said. “Everyone’s been debating whether we’re going to have a soft landing or a hard landing – meanwhile, there’s no landing whatsoever. The consumer didn’t get the recession memo and they keep spending.”

Charts: Yahoo!Finance sees a bullish triple-moving-average-crossover pattern. Max pain starts week at $146 (down $2) with a new call mountain at $160 (up $5) and the same put peak at $140.

apple premarket red 11-21-22

8 Comments

  1. Gregg Thurman said:
    with a new call mountain at $160

    Hang on to that thought.

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    November 21, 2022
  2. Robert Paul Leitao said:
    Maybe Mickey should right the closing bell today! Apple isn’t likely to be on the DJIA leader board at the end of the day’s trading. We’re all looking for some new magic from the Magic Kingdom. Tomorrow we can all get back to worrying about inflation, interest rates, rising consumer debt and the prospects of lackluster economic growth (or worse!) in CY2023. I’m taking it day by day… It’s a holiday shortened trading week. Let’s see what happens.

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    November 21, 2022
  3. Robert Paul Leitao said:
    At midday Apple is definitely a laggard on the three major indexes – DJIA, S&P 500 and the Nasdaq Composite – and is now down over 2% on the day. For those holding shares, it’s a reminder nothing comes easy these days. Big concerns about near-term economic growth continue to influence the market’s direction.

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    November 21, 2022
  4. Robert Paul Leitao said:
    It’s a wrap! As expected, the owner of the Magic Kingdom was the star performer today for the DJIA. Apple, Salesforce and Visa were the DJIA laggards on the day. Looking at the broader market, Tesla hit a new 52-week low while semiconductors and mega caps generally unperformed in today’s market action. Apple finished off $3.28 or 2.17% at $148.01 with over 84 million shares changing hands. Time to reset the pins so-to-speak for tomorrow’s trading bowlarama!

    0
    November 21, 2022

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