First of all I want to apologize for not getting this out yesterday. I try to get a market/weekend update out on Saturday and then another post about trade ideas for the coming week on Sunday. I, all of sudden, was feeling terrible yesterday afternoon. Not sure what it was, some kind of virus or something, not sure. I was able to recover enough to get pulled along to a wedding reception in Ft. Worth for the evening…happy wife, happy life! So needless to say, this update is coming out on Sunday.
The market had a great recovery right out of the gate on Friday morning and never looked back after the Payrolls beat even the most optimistic estimates and the previous month’s numbers were ratched higher. It looks to me like we have completed a small correction and are now heading higher. If we get a close above 1175.22 on the S&P 500, which was Oct. 30th’s intra- day high, then I think we are off and running on a new short term leg. We should all remember though that we are in a 5th wave up from Oct. 3, 2011. When this wave completes, we will need to correct that entire move.
Focus on Apple
In this video I do a “stock of the day” focus on Apple Inc. (AAPL). Apple came public on December 12, 1980 in the biggest IPO since Ford went public in 1956. The stock closed that week at $3.53. It then lost 50% of its value over the next 18 months. So take heart Facebook!!
In the video I show how AAPL has now completed three major waves ( 2 up and 1 corrective) in its move to the $705 high. We are in a 4th wave, which is a corrective wave. I discuss where we are and where I think AAPL’s price is going, in the video. My video on trade ideas for the week will be out later today.