Premarket: Apple was green, red, green again

From CNBC's "Stock futures tick higher on Tuesday morning" posted early Tuesday:

Stock futures rose slightly Tuesday morning as worries over Covid cases in China kept investor sentiment in check...

China saw its first deaths in the mainland from Covid since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.

The news out of China pushed investors away from growth stocks Monday and toward defensive sectors like health care and utilities, said David Waddell, CEO of Waddell & Associates. He said it also led to “reflexive” U.S. dollar buying, which gave bond yields upward pressure.

“On low volume days like today, the market gets Pavlovian,” he said. “If you want to make sense of this market, watch the dollar.

Charts: Yahoo!Finance sees a bullish triple-moving-average-crossover pattern. Max pain moves up $1 to $147 with the same call mountain $160 and a new put peak at $145 (up $5):

9 Comments

  1. Romeo A Esparrago Jr said:
    Thank gosh that green, red, green again isn’t going a hundred miles an hour.

    1
    November 22, 2022
  2. Gregg Thurman said:
    Open Interest in the NOV $160 Call accelerated rapidly start on the 14th of this month, and has nearly quintupled since then. If it’s going to make it, it better hurry. After today there is only one more session before expiry.

    0
    November 22, 2022
  3. Robert Paul Leitao said:
    Leading the S&P 500 higher in early trading is Best Buy, now up over 10% on better than expected results. Among the laggards are Dollar Tree and Medtronic. The market is quick to react to upside surprises and guidance disappointments. Apple is trading slightly higher as regulatory scrutiny of the company’s “walled garden” moves to the UK. Please see today’s Apple 3.0 blog post on the news for more information.

    0
    November 22, 2022
  4. Neal Guttenberg said:
    I am wondering how the market will react to Black Friday reports with regards to Apple. If there are lengthening delivery times on the Pro Phone models, will they say that it is a supply issue vs good demand? Or if wait times go down, will they say it is a lack of demand vs a better supply? My guess is that the same analysts who say the glass is half full will more than likely be positive on Apple news and vice versa for those where the glass is half empty. What you see is what you want to see.

    1
    November 22, 2022
    • Robert Paul Leitao said:
      Neal: In my view the market is skittish and will hammer just about any equity on even a hint of disappointment at this time. Because so many iPhones are sold through promotions by carriers and directly through Apple’s sales channels, I don’t think much information will be gleaned that’s useful on Apple-related Black Friday sales. Apple got out ahead of the news on constrained iPhone supplies. I expect any market concern about iPhones to be revealed in late January when Apple reports December quarter results and provides March quarter commentary.

      0
      November 22, 2022
  5. Robert Paul Leitao said:
    In today’s trading Apple closed at $150.18, up $2.17 or 1.47% on the day. This closely tracked the 1.36% rise in the S&P 500 index to 4,003.58. The index’s leader in today’s trading was Best Buy which finished up 12.78% at $79.88 on a better than expected quarterly performance. Moving over to the DJIA, Intel and Salesforce were each up 3.04% with Salesforce recovering from yesterday’s selloff. Closing at $29.82, Intel is working up from its 52-week low of $24.59 set in October.

    0
    November 22, 2022

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