Apple reported earnings today and the stock moved a little to the upside in the after-hours, but nothing to really juice up the bulls from what I can see. Three dollars isn’t much of a move for a $120+ stock.
In fact, today’s action has the look of a market that looks ready to rollover than anything else if you gauge that last 30 minutes of action. You can see from Apple’s chart that it based for many months and has gone on a 45% run breaking through it’s 200 moving average. Now I don’t want to take anything away from the bulls here, but if you look at volume you can noticeably see it’s lacking much conviction. A break of the 200 ma is good, but it’s even better if it’s accompanied by volume.
It wouldn’t surprise me to see the market do a pop and drop at the open tomorrow. If Apple is a good tech barometer, than I’d say that the water is lukewarm at best.
