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Apple Today - 10/20/2015 (AAPL)

seymour_greenz • October 20th 2015 09:39:04 AM

Good Morning,

NASDAQ Futures are down 6 with -2 Fair Value, Dow Futures are down 17 in the thick of this earnings season. Asian markets were mostly green with China closing up 1.14%, Japan up 0.42% and Hong Kong down 0.37%. European markets, UK, Germany and France, are all currently down around half a percent, on average. Oil is slightly up, natural gas is up over 1% and gold is about even in pre-market trading. With earnings season in "full steam", we have some notable reports "rolling" in. Shares of Harley-Davidson (HOG) are down over 7% after lower than expected earnings. IBM is also down around 5% this morning after reporting disappointing quarterly results yesterday afternoon, due in part to the slowdown in Asia having a drag on revenue. Many companies including Verizon (VZ), Chipotle Mexican Grill (CMG), Cree (CREE) and Yahoo (YHOO) are scheduled for this afternoon.

AAPL had a "bouncy" kind of day yesterday, with a drop at the open, reaching as low as 110.11 by 9:40am on relatively heavy volume before reversing course within 30 minutes. By 11am AAPL was grasping at 111.5 and aside from a couple of brief dips below 111 on relatively light volume before and after lunch, AAPL remained green for the vast majority of the day. By mid-afternoon AAPL was above 111 again and made a powerful move to 111.5 on moderate volume at 3pm and again in the last few minutes before the bell, closing the intra-day session at 111.73, a clear high point for the day. After-hours was relatively uneventful with AAPL trading in a narrow range, ultimately losing 10 cents to 111.63.

This morning in pre-market, AAPL picked up at 111.6 on low volume and saw a brief dip to 111.22 at 5am on low volume along with weak Futures before seeing some serious recovery after 7am on higher volume. By 8:18am, AAPL broke 112 on extremely high volume and kept going to 112.34 before a sudden sympathetic VZ earnings metrics-related selloff. AAPL is currently down 53 cents at 111.20.

Classic max-pain is 111.

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Today's Economic Calendar:
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:00 Fed's Williams speech
11:00 Janet Yellen speech


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