Daily Market Commentary: Higher Volume Trading, But Apple Doesn't Kill Rally
From Fallond Stock Picks
January 24, 2013 - 5:55pm
Apple's earnings were always going to weigh on today's action, but markets held up well. The Nasdaq did shed near 1% on a significant increase in volume, but it didn't negate the breakout. Technicals remained in the bullish camp with little loss in strength.The Nasdaq 100 also experienced the Apple drop, but it's more range bound than the Nasdaq. Technicals shifted negative with 'sell' triggers in the MACD and On-Balance-Volume. However, until 2,700 breaks the overall action remains bullish.The S&P churned, but technicals held their ground. Note, the 10% threshold to shift towards profit taking (selling covered calls) is 1,534. A couple more 1% days will be enough to do it. It's getting close, but it's not there yet.The Russell 2000 has already reached the 10% threshold. Mean reversion will kick in soon.For Friday, prepare to take profits in the Ru...
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