The dip-buyers pushed us above recent highs twice during the day on Europe optimism but were turned back by the close. We even went out close to the lows even though we still manage to hold above a 1% loss and held on to yesterday’s low. After going up for 10 straight days into a potential product announcement next week, mega cap Apple euphorically shot up at the open but reversed hard and went out at its lows. The action was similar to April last year when NASDAQ announced its Apple rebalancing. Dip buyers were stuck at the end of the day as they could not make much progress. With the right news flow and a down Asian/European market we could be looking at more down side. However, if last April was any indication, the dip buyers will likely give it another try or two before given up.
